Turkey receives $5b deposit from Saudi Arabia

Published March 6th, 2023 - 02:18 GMT
Turkish Central Bank
Turkish Central Bank. (Shutterstock)

ALBAWABA - Saudi Arabia's chairman of the board of directors of the SDF, Ahmed Al-Khateeb finalized a deal to send a $5 billion deposit to Turkey.

The agreement was signed between Al-Khateeb and the governor of the Central Bank of Turkey, Shihab Kavcioglu.

According to sources, the $5 billion deal will be sent from the Saudi Fund for Development to the Turkish Central Bank, Bloomberg reported.

The pledge was made in December last year when the Saudi Minister of Finance Mohammed Al-Jadaan highlighted the Kingdom's will to send a deposit to Turkey's Central Bank.

SFD shared on its official website: "To improve the living standards of disadvantaged communities and support countries most in need, SFD works to finance projects to achieve sustainable development goals and enhance the effectiveness of development aid through partnerships and cooperation with regional and international organizations."

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