Saudi Arabia deposits $5 Billion in Egypt’s Central Bank

Cairo – Saudi Arabia deposited $5 Billion in the Egypt’s central bank as a part of Kingdom’s effort to support the Egyptian economy, Saudi Press Agency (SPA) reported on Wednesday.

The step emphasizes on the bilateral solid relations between Saudi Arabia and Egypt, and the people from all walks of life.

Apart from that, Egyptian cabinet statement said Saudi Arabia’s state-owned Public Investment Fund (PIF) would invest additional funds in Egypt, but he gave few details.

Cooperation between the PIF and Egypt’s sovereign fund will involve measures to attract $10 billion in investments, the cabinet statement quoted Egyptian Prime Minister Moustafa Madbouly as saying. A package of projects would be announced as soon as possible, he said.

Saudi Arabia’s deposit also comes as part of the historical solid bonds and close cooperation relations between the Kingdom and Egypt, and as a gesture of confirmation of deep-rooted relations between the two nations and their people.