Gulf deposits due in Egypt in days - central bank governor

Monday 16-03-2015 02:04 PM
Gulf deposits due in Egypt in days - central bank governor

United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron


CAIRO, Mar 16 (Aswat Masriya) - Egypt's central bank governor said on Monday that the deposits pledged in assistance to Egypt by Gulf countries are set to be delivered within days, state news agency MENA reported. 

Central bank governor Hisham Ramez said the Gulf deposits will make a large contribution to supporting Egypt's foreign reserves.

He added that the deposits will reduce pressure on the local Egyptian pound.   

Egypt has collected billions of dollars in a major economic conference hosted in the resort city of Sharm el-Sheikh. 

In total four Gulf countries have pledged $12.5 billion both in investments and assistance to Egypt. 

The oil-rich monarchies of Saudi Arabia, Kuwait, the United Arab Emirates pledged $4 billion each. A billion dollars from the Saudi pledge and two billion of the Emirati sum are due to be deposited in Egypt's central bank.

An additional $500 million were pledged by Oman, to be provided to Egypt over the next five years. Half of the sum will be in the form of a grant to support liquidity, while the other half would be for long-term investment.    

In total, Egypt has collected $72.5 billion in investments, aid, and loans during the major conference, according to figures provided by Egypt's Prime Minister Ibrahim Mehleb at the closing of the conference. 

The investments are needed to revamp Egypt's economy which has been battered by years of political instability.

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