CAIRO - 30 March 2022: Saudi Arabia has deposited $5 billion at the Central Bank of Egypt (CBE) on Wednesday.
This came in implementation of directives by Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohamed Bin Salman, the Saudi Press Agency (SPA) reported.
According to the SPA, the deposit confirms the distinguished bilateral relations between the two brotherly countries and peoples in all fields and at all levels, and the Kingdom of Saudi Arabia continues its unremitting efforts and its permanent pioneering role in supporting the sisterly Arab Republic of Egypt.
The deposit is also an extension of the well-established historical ties and close bonds of cooperation between the Kingdom of Saudi Arabia and the sisterly Arab Republic of Egypt, and an affirmation of the depth of the deep-rooted relations between the two brotherly countries and peoples.
On the same vein, the Egyptian Cabinet approved a draft agreement between the governments of the Arab Republic of Egypt and the Kingdom of Saudi Arabia regarding the Saudi Public Investment Fund to invest in Egypt, with the completion of constitutional procedures, and authorizing the Minister of Planning and Economic Development to sign the agreement.
The agreement aims, according to a statement issued by the Cabinet, to encourage and support the Fund to invest in Egypt, in order to achieve Egypt’s goals in attracting investments in foreign currencies, supporting the use of national labor, and settling modern technologies in the economy. This is within the framework of what is required by the relevant Egyptian laws and legislation in all investment fields available in Egypt.