Egypt announces $5 billion investment from Saudi Arabia
The Egyptian cabinet says Saudi Arabia will pump $5 billion into Egypt as a first phase of investment.
Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud directed the Saudi Public Investment Fund (PIF) to make the investment, the cabinet said in a statement.
The announcement came hours after the crown prince met with Egyptian Prime Minister Mostafa Madbouly in Riyadh.
The Saudi crown prince praised Egypt’s efforts to address the concerns of Saudi investors and emphasised the importance of resolving remaining trade disputes to attract more investment.
Mr Madbouly said Egypt had resolved most of the challenges facing Saudi investors, with only 14 remaining disputes.
Established in 1971, the PIF has grown into one of the world’s largest sovereign wealth funds.
(Xinhua/NAN)
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