Egyptian cabinet says Saudi Crown Prince told PIF to pump $5bn into Egypt as 'first stage'

The Egyptian cabinet said, in a statement on Monday, that Saudi Crown Prince, Mohammed Bin Salman, has directed the Saudi Public Investment Fund (PIF) to pump $5 billion worth of investment money into Egypt in what it called a “first stage”, Reuters reports.

The statement came after Egyptian Prime Minister, Mostafa Madbouly, met the Saudi Crown Prince in Riyadh and discussed boosting bilateral relations.

The statement contained no further details on when the funds are going to be invested, the nature of the investments or in how many stages the Saudi government is planning to make its investments.

PIF did not immediately respond to a Reuters request for comment.

In 2022, the Saudi Egyptian Investment Company (SEIC) was established as a wholly owned PIF subsidiary.

Saudi Arabia had long-term deposits with the Central Bank of Egypt (CBE) worth $5.3 billion as of 31 December, 2023, according to CBE data.

READ: Egypt says ‘hardest hit’ by ongoing escalation in Red Sea