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Egypt, Saudi Arabia establish investment fund worth 16 bln USD

Xinhua,March 06, 2018 Adjust font size:

CAIRO, March 5 (Xinhua) -- Egypt and Saudi Arabia signed an agreement to launch a joint investment fund worth 16 billion U.S. dollars, state-run MENA news agency reported Monday.

Egyptian presidential spokesman Bassam Rady said that the fund is meant to boost new projects in Egypt, according to MENA.

Rady added that a number of agreements and memorandums of understanding (MoUs) between the two countries were signed in the fields of investment and environment protection.

The agreements were signed Sunday in a ceremony held in Cairo that was attended by visiting Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel-Fattah al-Sisi.

The Saudi Crown Prince arrived in Cairo earlier on Sunday in a three-day visit as the first stop of his first foreign tour since he became crown prince last year.

Bin Salman is scheduled to leave for Britain on March 7 and later visit the United States, the kingdom's closest and strongest Western ally. Enditem

 

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