Egypt PM: Saudi’s planned $5 bln investment separate from CBE deposit

Egypt’s Prime Minister Moustafa Madbouly explained on Thursday that the anticipated $5 billion Saudi Arabian investment in Egypt is entirely separate from the funds that Saudi Arabia has already deposited in the Central Bank of Egypt (CBE).

“The $5 billion investments will be in projects that will be decided mutually later in important economic sectors,” Prime Minister Madbouly said in a press conference.

The Egyptian Cabinet quoted on Monday Saudi Crown Prince Mohammed bin Salman saying he had directed the kingdom’s sovereign wealth fund (PIF) to pump $5 billion worth of investment into Egypt in what it called a “first stage.”

Attribution: The Egyptian Cabinet