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Al-Araby
Al-Araby
Saudi Arabia has deposited $5 billion at Egypt’s central bank, according to state media in both countries, a day after Qatar pledged $5 billion in investment and amid a surging wheat import bill. The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totalling a projected $10 billion, according to a statement by the Egyptian cabinet. The announcements come as the North African country enacts a slate of financial measures to mitigate the economic fallout of Russia’s invasion of Ukraine. As the world’s largest importer of wheat, Egypt relied on the …