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01:34
Egypt announces 5-bln-USD investment from Saudi Arabia
STORY: Egypt announces 5-bln-USD investment from Saudi Arabia
SHOOTING TIME: Sept. 16, 2024
DATELINE: Sept. 17, 2024
LENGTH: 00:01:34
LOCATION: Riyadh
CATEGORY: ECONOMY/POLITICS
SHOTLIST:
1. various of Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh
2. various of Mostafa Madbouly meeting with Saudi businessmen
STORYLINE:
Saudi Arabia will pump 5 billion U.S. dollars into Egypt as a first phase of investment, the Egyptian cabinet said on Monday.
Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud directed the Saudi Public Investment Fund (PIF) to make the investment, the cabinet said in a statement.
The statement did not provide further details.
The announcement came hours after the crown prince met with Egyptian Prime Minister Mostafa Madbouly in Riyadh.
The Saudi crown prince praised Egypt's efforts to address the concerns of Saudi investors and emphasized the importance of resolving remaining trade disputes to attract more Saudi investment.
Madbouly said that Egypt had resolved most challenges facing Saudi investors, with only 14 disputes remaining to be settled.
The PIF, established in 1971, has grown into one of the world's largest sovereign wealth funds.
Xinhua News Agency correspondents reporting from Riyadh.
(XHTV)
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