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Saudi Arabia to lead investments worth $30B in Egypt

06:10 22 June 2022 Author :  

Saudi Arabia intends to lead investments worth $30 billion in Egypt, said a joint Saudi-Egyptian communique issued on Tuesday at the end of Saudi Crown Prince Mohammed bin Salman's (MBS) visit to Cairo.

Earlier, Egypt and Saudi Arabia signed 14 agreements valued at $7.7 billion.

"Fourteen investment agreements worth more than 29 billion riyals ($7.7 billion) were signed between a group of leading Saudi companies in various economic activities and several Egyptian companies and authorities," Saudi state-run Al-Ekhbariya said on Twitter.

The Saudi investment ministry said the agreements aimed to "enhance investment and economic cooperation between the two countries."

Trade between Egypt and the kingdom leapt more than 62% last year compared with 2020, reaching $9.1 billion, according to official Egyptian figures.

Egyptians working in Saudi Arabia are an important source of foreign currency, with transfers worth more than $11 billion in the 2020-2021 financial year, up more than 17% compared with the previous year.

Egypt, which is struggling with inflation, huge infrastructure spending bills and a currency devaluation, is in talks with the International Monetary Fund (IMF) for a new loan.

The Arab world's most populous country, Egypt, has a state budget of around $160 billion and is grappling with public debt reaching around 90% of gross domestic product (GDP).

The crown prince began a two-day visit to Egypt on Monday evening, kicking off a regional tour extending to Jordan and Turkey./Reuters

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