Egypt Says Saudi Arabia’s Wealth Fund Set to Invest $5 Billion
Egypt said Saudi Arabia’s sovereign wealth fund is poised to invest $5 billion, in what would be the latest Gulf funding for the North African nation that’s emerging from its worst economic crisis in decades.
The kingdom’s crown prince ordered the Public Investment Fund to take the step as a “first phase” of new Saudi investment, Egypt’s cabinet said late Monday in a statement. It didn’t give a timeframe nor say what the funds would be invested in.