CAIRO: Egyptian Prime Minister Mostafa Madbouly confirmed that “executive agents” will soon be getting to work on making Egyptian-Saudi Investment Fund a success. A joint board of directors from both Egypt and Saudi Arabia will be formed to develop strategy and monitor projects.
The two countries agreed in 2016 to establish a joint investment fund with a value of SAR60 billion (approximately $16 billion) and in 2018 a memorandum of understanding was signed between the Public Investment Fund of Saudi Arabia and the Ministry of Investment and International Cooperation in Egypt regarding the activation of the fund.
Cabinet spokesman Nader Saad said on Tuesday that the executive agreement to activate the fund had been finalized.
Madbouly and Saudi Minister of State Essam bin Saeed met on Tuesday and discussed ways to maximize cooperation through development and investment projects in priority sectors including tourism, health, pharmaceuticals, ports and infrastructure, digital, financial services, education, and food.
Madbouly reportedly praised the guidance of Egyptian President Abdel Fattah El-Sisi and King Salman bin Abdulaziz of Saudi Arabia, and noted the history of good relations between Egypt and Saudi Arabia.
The establishment of the fund is part of the Egyptian government’s efforts to boost economic development through direct foreign investment.
According to Ibrahim Al-Omar, the governor of the Saudi Arabian General Investment Authority, the public and private sectors in Saudi Arabia had invested around $54 billion in Egypt up to the beginning of 2019.