Cairo is negotiating a new deposit from Saudi Arabia worth approximately $2-3bn, according to Egypt’s Finance Minister Amr el-Garhy, who was quoted in the local Al-Borsa newspaper.

El-Garhy also added that negotiations with Saudi Arabia are expected to be concluded in the coming weeks.

It remains unclear whether the funds are part of the financial support agreement announced in April this year during the visit of King Salman bin Abdulaziz al-Saud to Cairo.

Egypt is seeking additional funding in order to secure the staff-level agreement with the Washington-based International Monetary Fund (IMF) for $12bn over 3 years, which was signed in August this year. The deal requires Egypt to secure a further $6bn in bilateral financing.

Saudi Arabia, the biggest regional economy, along with the other Gulf peers including the UAE, have injected billions of dollars, including grants, into Egypt’s since President Mohamed Mursi’s government was toppled in 2013.