The value of the agreement between the two countries amounts to $23bn to be repaid over 15 years. Yet, I am worried that the length of this suspension would stretch further on the back of political tension between the two states. Halted oil shipments are just one of a series of crises that may affect Egypt as a result of increased tension between the two countries. Similarly, Saudi Arabia’s deposits—most recently the $2bn deposit—are key to reaching an agreement for a loan with the International Monetary Fund. At the same time, I strongly believe that Egypt must change and reduce its dependence on Saudi financial support.

Source: Daily News Egypt October 16, 2016 09:00 UTC