Saudi Arabia’s Public Investment Fund (PIF) is keen to inject investment into Egypt’s Sovereign Wealth Fund (TSFE) as well as into other projects, reports say citing a statement from the Egyptian government.
TSFE has according to the statement submitted investment proposals to the Saudi fund. The announcement came during Wednesday’s meeting between Egypt’s Moustafa Madbouly, Ayman Soliman, the TSFE CEO and Saudi State Minister Issam bin Saad.
Saad made the trip to Egypt to review previous works, investment agreements previously signed, and to review the investments that TSFE proposes for the PIF to study. Saudi Arabia is the regional leading backer of the regime of President Al Sisi who came to power in 2013 following a coup d’état against first democratically elected President Mohamed Morsi.
The Gulf country has pumped billions of dollars as well as grants into Egypt’s economy. During his last official visit to Egypt in 2016, King Salam oversaw the signing of several investment agreements worth 60 billion riyals between PIF and the Egyptian government. The investments covered several areas including energy, agriculture and maritime transport.
Saudi public investment fund poised to invest in Egypt’s sovereign wealth fund
