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Egypt to Receive First Tranche of $1.5 Billion Saudi Loan ‘Soon’

  • Cash injection could help ease Egypt’s currency shortage
  • Loan accord is still awaiting legal opinion of State Council

Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth.

The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of a package of agreements worth $25 billion signed during Saudi King Salman’s visit to Cairo in April, which include a $16 billion investment fund and a plan to build a bridge connecting the two nations. A Saudi delegation will visit Egypt next week, Nasr said.