Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is set to invest in Egypt.
The planned investment follows a draft agreement struck between the two governments.
The agreement is a result of meeting between the PIF and the Ministry of Planning and Economic Development in Egypt.
Both sides referred to the “close historical ties” between the two countries, adding that the deal would “strengthen cooperation and expedite the procedures related to investment in Egypt through PIF”.
Egypt formed its own sovereign wealth fund in 2019 to help the Egyptian government implement its economic reform plans. In August, it stated that it hopes to raise US$2.5 billion by the end of 2022.
©2022 funds global mena