Egyptian Cabinet approves agreement with Saudi’s PIF
The Egyptian Cabinet approved a draft presidential decree pertaining to the agreement reached between the Egyptian government and the Saudi regarding the Saudi Public Investment Fund (PIF)’s investment in Egypt.
The agreement aims to encourage and support the Saudi Fund in Egypt, by protecting the country’s investments, in order to attract foreign monetary financing, support national labor employment, as well as localize modern technologies, in a way that improves trade exchange between the two countries and motivates entrepreneurs to accelerate investments in Egypt.
According to the terms of the agreement, Egypt is committed to providing technical support for accessible investment projects in sectors where PIF intends to invest.
Last April, the Saudi Cabinet approved the PIF’s investment agreement in Egypt.
The agreement’s signing ceremony was witnessed on March 30 by Egyptian Prime Minister Mostafa Madbouly.
Egypt plans to invest $10 billion through a partnership with the Saudi PIF.