Saudi Arabia may support Egypt by buying local debt instead of depositing dollars in the Egyptian central bank, a government official said, part of a fresh aid package to help the dollar-starved economy.
The two governments are discussing plans for Saudi Arabia to buy Egyptian treasury bonds and treasury bills, said the official, who asked not to be named because the proposal isnt public. Saudi Deputy Crown Prince Mohammed Bin Salman arrived in Cairo Tuesday for the talks, during which Egypt has said it planned to offer Saudi Arabia major projects in return for support.
Egyptian Prime Minister Sherif Ismail told reporters Tuesday that all options for Saudi support remain on the table, and that talks will continue in Riyadh on Jan. 5.
Egypt…
Read the full article at: http://www.bloomberg.com/news/articles/2015-12-15/saudi-arabia-may-help-egypt-by-buying-local-debt-official-says