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CBE Governor: $2bn UAE deposit not to arrive Egypt soon
15. August 2016
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The $2 billion UAE deposit is not expected to arrive soon, Tarek Amer, the Central Bank of Egypt's governor, said on Thursday.

We all know the conditions the gulf countries are facing after the decline in oil prices, Amer added.

The oil prices fell to lower than $30 per barrel in January from $115 pb reached in June 2014, back to $40 pb currently.

In March 2015, UAE had pledged to give Egypt $4 billion as financial aid, distributed over a $2-billion deposit in the CBE to support Egypt's financial reserves and the other $2 billion in the form of investments in various development fields.

Commenting on the UAE financial aid to Egypt, Amer said that Egypt is a big country and should stop waiting for grants from abroad.

The International Monetary Fund on Thursday announced reaching a preliminary agreement with Egypt for a $12 billion loan program over three years.

Egypt's foreign debt volume reached $53.4 billion by the end of the third quarter.

Although UAE, Saudi Arabia and other gulf countries provided Egypt with billions of dollars to support the country's economy over the last three years, Egypt is still suffering from economic crises including the shortage of foreign currency and the fallen value of the Egyptian pound.

Egypt's financial gap reached $30 billion over the three-year period ending on 30 July 2018, according to the government programme ratified by the parliament.

Net foreign currency reserves reached $15.5 billion by the end of July 2016, according to data released by CBE.