The Egyptian cabinet has announced that Saudi Crown Prince Mohammed Bin Salman has instructed the Saudi Public Investment Fund (PIF) to inject $5 billion into Egypt as part of a “first stage” of investments. This development follows a meeting between Egyptian Prime Minister Mostafa Madbouly and the Crown Prince in Riyadh, where the two leaders discussed strengthening bilateral relations.
The cabinet’s statement did not provide specifics on the timing, the type of investments, or the number of stages planned for future investments.
The Saudi Public Investment Fund is yet to give further details.
This comes after the creation of the Saudi Egyptian Investment Company (SEIC) in 2022, a fully owned subsidiary of PIF aimed at bolstering economic ties between the two nations.
As of December 31, 2023, Saudi Arabia had long-term deposits worth $5.3 billion with the Central Bank of Egypt, according to the bank’s data.
