Saudi Arabia will pump five billion U.S. dollars into Egypt as a first phase of investment, the Egyptian cabinet said.
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.
Madbouly said that Egypt had resolved most challenges facing Saudi investors, with only 14 disputes remaining to be settled.
The PIF, established in 1971, has grown into one of the world’s largest sovereign wealth funds.
