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Mai Ghandour – Ahram Online
“The Sovereign Fund of Egypt, in cooperation with the Saudi Public Investment Fund, aim to attract investments worth $10 Billion over the coming period”, Egyptian Prime Minister Mostafa Madbouly said on Wednesday.
The Prime Minister held a ministerial meeting with Saudi counterparts, where they approved a draft investment agreement between Egypt and the Saudi Arabian Public Investment Fund. The draft agreement was signed by the chairman of the Sovereign Fund of Egypt and Minister of Planning and Economic Development Hala al-Saeed.
“This is part of a package of Saudi projects which will be established in Egypt and will be announced as soon as possible”, Madbouly said.
The agreement will attract foreign investment, localise modern technology in Egypt and transfer expertise into Egypt to enhance trade between Egypt and Saudi Arabia.
“The Saudi Fund investment will cover number of fields including education, healthcare, agriculture, development, and the financial sector. It is true the sovereign fund has commercial entities but we are working on a partnership with Egypt to achieves growth in all fields”, Essam bin Saeed, member of the Saudi Cabinet and Minister of State for Shura Council Affair, said.
Earlier on Wednesday, Saudi Arabia deposited $5 Billion in the Central Bank of Egypt (CBE) as part of the “rigid bonds and close cooperative relations between the two countries”, the Saudi state Press (News) agency SPA reported.
