Council of Ministers with members of the Saudi cabinet on Wednesday, during which a draft agreement between the two countries was approved. (Photo courtesy of the Egyptian Cabinet)

Madbouly made the comments after the cabinet on Wednesday approved a draft investment agreement between Egypt and Saudi Arabia on the Saudi Public Investment Fund.

Madbouly said it was part of a package of Saudi projects that will be established in Egypt and will be announced as soon as possible.

Minister of Planning and Economic Development Hala Al-Saeed, who is also president of Egypt’s Sovereign Wealth Fund, signed the draft agreement.

The agreement aims to attract foreign investment, localize modern technologies in the Egyptian economy and transfer expertise related to the Fund’s investments in Egypt so as to increase the volume of trade between Egypt and Saudi Arabia .

Essam bin Saeed, a member of the Saudi Cabinet and Minister of State for Shura Council Affairs, said that the Saudi fund’s investments will include several sectors such as education, health, agriculture, development and financial sector.

“It is true that the sovereign wealth fund has commercial entities, but be fully confident that we are working on a partnership with Egypt that achieves growth in all areas,” he said.

Earlier on Wednesday, Saudi Arabia deposited $5 billion in the Central Bank of Egypt (CBE) as part of the “rigid obligations and close cooperative relations” between the two countries and as a “confirmation gesture of their deep-rooted relationship,” according to the Saudi press agency SPA.

This comes a month after President Abdel-Fattah El-Sisi’s visit to Riyadh, where he met with King Salman of Saudi Arabia to discuss strengthening cooperation and coordination between countries on multiple fronts “with the aim of to protect Arab security.

Egypt and Saudi Arabia have coordinated closely on regional and international issues since el-Sisi took office in 2014, with the two sides holding regular meetings at the highest level.

Egypt signed three financial agreements with Saudi Arabia in 2019 to provide EGP 125 million to boost leasing for small and medium enterprises, under the Saudi Fund for Development.

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