The Egyptian cabinet reports that the Saudi Crown Prince instructed PIF to inject $5 billion into Egypt during the initial phase

According to an official statement released by the Egyptian cabinet on Monday, Saudi Crown Prince Mohammed bin Salman has instructed the Saudi Public Investment Fund (PIF) to inject $5 billion in investment funds into Egypt during the initial phase.

The declaration was made subsequent to a meeting between Egyptian Prime Minister Mostafa Madbouly and the Saudi crown prince in Riyadh, during which they deliberated on enhancing bilateral relations.

Neither the timing nor the nature of the investments, nor the number of stages in which the Saudi government intends to make its investments, were specified in the communiqué.

A Reuters request for comment did not elicit an instant response from PIF.

Established in 2022, the Saudi Egyptian Investment Company (SEIC) is a fully owned subsidiary of PIF.

As of December 31, 2023, Saudi Arabia held long-term deposits with the Central Bank of Egypt (CBE) valued at $5.3 billion, as reported by CBE statistics.