Egypt, Saudi Arabia discuss activation of joint investment fund

Published 10 Dec,2020 via Daily News Egypt - Prime Minister Mostafa Madbouly held a meeting, on Tuesday, with Minister of State and Member of the Saudi Cabinet Essam bin Saeed, to discuss the activation of the Egyptian-Saudi Investment Fund.

Cabinet Spokesperson Nader Saad said that the meeting reviewed the latest developments in the intensive bilateral coordination that has taken place over the past few days, to activate the Egyptian-Saudi Investment Fund.

He also said that the final version of the executive agreement has been reached to activate the fund, which will maximise the economic viability of cooperation. This will take place through development and investment projects to be implemented in the priority sectors.

It was noted that these sectors include: tourism; health and pharmaceuticals; ports and infrastructure; digital transformation and financial services; food industries; and education.

During the meeting, Madbouly also said that the Egyptian government is keen to ensure the fund’s success, and that it will move all executive agencies with utmost speed to activate the work mechanisms.

The meeting took place in the presence of Amir Syed Ahmed, adviser to the Egyptian Presidency, and officials representing the Egyptian and Saudi sides.

At the beginning of the meeting, the Prime Minister praised the results of the coordination between the two countries that has occurred in the last period. He said that this reflects the two sides’ firm conviction in strengthening bilateral cooperation and engaging in projects that benefit the two brotherly peoples. This is guided by the directives of Egypt’s President Abdel Fattah Al-Sisi and Saudi Arabia’s ruler and Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

Saad said that the objectives of the proposed implementation plan include support for Egyptian and Saudi companies to achieve regional leadership, whilst also empowering the private sector.

It will also ensure that projects of an integrative nature between the two countries are entered into. This comes in addition to seeing the commitment to all implemented projects to ensure they are financially profitable and economically feasible.

The Saudi Minister praised the achievements made by the two sides so far on the matter, and expressed his optimism that the coming period will witness the first projects implemented. He also noted that the projects will be able to exploit Egypt’s experiences and great capabilities in the field of construction and building.

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