Egypt to receive $5bn in loans from UAE and Saudi Arabia: Source

Saudi Arabia and the United Arab Emirates will deposit LE35 billion ($5 billion) in the Central Bank of Egypt in two installments starting this month, a source familiar with the matter told Ahram Online on Monday.

The sums will be loaned to Egypt on concessionary terms, with maturities of between 3 and 5 years, said the source.

Concerns have been mounting about Egypt's foreign currency position since CBE governor Hisham Ramez announced that Egypt would be returning $2.5 billion in deposits to Qatar in November, having returned another $500 million earlier this month.
Qatar was a strong supporter of the Muslim Brotherhood's Mohamed Morsi, offering Egypt with some $7.5 billion in financial aid throughout his year-long rule, but relations between the two countries soured following Morsi's ouster in July 2013.

Egypt will have returned all of the Qatari aid after November's payment.