The Egyptian cabinet said in a statement on Monday that Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund (PIF) to pump $5 billion worth of investment money into Egypt in what it called a "first stage".

The Egyptian cabinet announced on Monday that Saudi Crown Prince Mohammed Bin Salman has directed the Saudi Public Investment Fund (PIF) to invest $5 billion in Egypt’s economy as part of an initial investment stage.

Egypt said Saudi Arabia’s crown prince has directed the kingdom’s sovereign wealth fund to invest an initial $5 billion in the North African country.

The pledge comes after crown prince meets Egyptian Prime Minister in Riyadh; Details of the investment not known as yet

( MENAFN - Daily News Egypt) Saudi crown prince Mohammed bin Salman announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday. The announcement was made as part of a broader effort to bolster economic ties between the two countries.

Saudi Crown Prince Mohammed bin Salman announced in his meeting with Prime Minister Mostafa Madbouly that the Saudi Public Investment Fund (PIF) will invest $5 billion in Egypt as part of an initial phase,

The Egyptian cabinet said in a statement on Monday that Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund (PIF) to pump $5 billion worth of investment money into Egypt in what it called a "first stage".

Saudi Crown Prince Mohammed bin Salman has directed his country's sovereign wealth fund to invest $5 billion in Egypt, Cairo's cabinet announced on Monday. Egypt said the $5 billion injection would be the “first phase” of Saudi investments through its Public Investment Fund.