$15 billion.. Saudi Arabia inject more investments into Egypt

Egypt said it was ready to do everything it could to make Saudi Arabia feel comfortable with increased investment in crisis-hit Egypt, a move to secure financing that could be vital to halting the economic decline.

Egypt's Finance Minister, Mohamed Maait, said that Egypt is keen to support everything needed to increase Saudi investments, amid Egypt's unprecedented support for the domestic and foreign private sector.

$5 billion in central bank in Egypt 

Saudi Arabia deposited $5 billion in the Central Bank of Egypt last year, although the Saudi Finance Minister, Mohamed Al-Jadaan, said at the Davos Forum that his country is changing the way it provides financial aid to countries, and he expected reforms in exchange for money.

The Russian attack on Ukraine had particularly affected the Egyptian economy, leading to significant increases in food and fuel prices and cutting off vital tourism revenue sources.

Saudi Arabia inject more investments into Egypt

Egypt last month revived a plan to sell stakes in a number of state-run companies to raise cash.

The statements of Egyptian Finance Minister Mohamed Maait came after his participation in a conference in Riyadh this week, where a “friendly and fraternal conversation” took place between him and Al-Jaadan.

He added that Al-Jadaan “accompanied his Egyptian counterpart to sit together in the seat next to him during the closing session, and the conversation between them was completed.”

The Kingdom of Saudi Arabia has expressed its intention to inject more investments into Egypt during the coming period, as an affirmation of the promising potentials offered by the Egyptian investment market.

"We have already put" money into Egypt, Saudi Finance Minister Mohammed Al-Jadaan told a conference in Riyadh, adding that the kingdom's record speaks for itself.

Muhammad Al-Jadaan, the Saudi Minister of Finance, praised the promising capabilities in Egypt, especially the population, natural resources and capabilities, stressing that Egypt has what it takes to be a great economic country.

Saudi Arabia enhance its investments in Egypt and Turkey

Al-Jadaan had announced, earlier during the announcement of the Saudi general budget for the fiscal year 2023/2024, that the Kingdom is seeking to enhance its investments in Egypt and Turkey.

Al-Jadaan affirmed that Saudi Arabia began investing intensively in Egypt, after the Kingdom of Saudi Arabia deposited a deposit of $5 billion in Egypt.

$15 billion to support Egypt

Last year, the kingdom pledged $15 billion to support Egypt, including $5 billion as a deposit in the Central Bank of Egypt, and another $10 billion to be invested in buying shares of companies listed on the Egyptian Stock Exchange.