People queue at an ATM machine in Cairo in February during the Egyprian uprising
A bank has been set up in Egypt to support small businesses and protect Saudi investments, the Gulf kingdom's state news agency SPA reported Sunday. © Patrick Baz - AFP
People queue at an ATM machine in Cairo in February during the Egyprian uprising
AFP
Last updated: August 14, 2011

Saudi Arabia and Egypt set up joint bank

A bank has been set up in Egypt to support small businesses and protect Saudi investments, the Gulf kingdom's state news agency SPA reported Sunday.

Trade between Saudi Arabia and Egypt has reached more than four billion dollars per year, with Saudi investments in Egypt topping $10 billion dollars.

Saudi Arabia in May pledged four billion dollars in aid to Egypt in the form of long-term loans and grants.

Egypt's economy, largely dependent on tourism, has taken a hit since a revolt which ousted president Hosni Mubarak in February.

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