Egyptian gov't approves agreement with Saudi Arabia regarding investment of Public Investment Fund

CAIRO - 15 June 2022: The Egyptian Cabinet approved a draft presidential decree regarding the agreement concluded between the government of the Arab Republic of Egypt and the government of the Kingdom of Saudi Arabia, regarding the investment of the Public Investment Fund in the Arab Republic of Egypt.

 

The agreement aims to encourage and support the Saudi Investment Fund in the Arab Republic of Egypt and protect its investments, in order to achieve the goals of attracting investments in foreign currencies, supporting the use of national labor, and localizing modern technologies, in a way that enhances trade exchange between the two brotherly countries, and motivates investors to take more investment initiatives in Egypt, according to a press release.

 

In accordance with the agreement, the Arab Republic of Egypt is committed to providing technical support for available investment projects in the sectors in which the Fund wishes to invest.

 

In March, a joint report on agreeing on a draft agreement between the governments of Egypt and Saudi Arabia was signed regarding the Saudi Public Investment Fund to invest in Egypt.

 

The agreement comes out of the close historical ties that unite Egypt and Saudi Arabia, and based on the directives of the leaderships of the two countries to strengthen cooperation and take everything that would support the relations between the two brotherly countries.

 

It also expedites the completion of procedures related to investment in the Arab Republic of Egypt through the Public Investment Fund.

 

The agreement also comes as a culmination of the meetings held between the Public Investment Fund in the Kingdom of Saudi Arabia and the Ministry of Planning and Economic Development in the Arab Republic of Egypt, with their desire to expedite the completion of the procedures related to the signing of the project.