Saudi PIF to inject $5B into Egypt in initial investment phase
Updated 9/17/2024 8:20:00 AM
Arab Finance: Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund (PIF) to pump $5 billion into Egypt as a first phase of investment, as per a cabinet statement.
This came during a meeting between the Crown Prince and the Egyptian Prime Minister Mostafa Madbouly in Riyadh to discuss matters of mutual interest.
During the meeting, Madbouly pointed out that the terms of the Agreement on Promotion and Mutual Protection of Investments between Egypt and Saudi Arabia were set at the technical level.
He added that the government will implement institutional measures in the coming period, setting the stage for the agreement’s signing.
Moreover, Madbouly stated that Egypt had resolved 90 issues facing Saudi investors, with only 14 remaining disputes to be settled over the coming period.
For his part, bin Salman stressed the importance of the electrical interconnection between Egypt and Saudi Arabia, noting that he is looking forward to offering the needed facilities to the Egyptian new and renewable energy firms..
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