( MENAFN - Daily News Egypt) Saudi crown prince Mohammed bin Salman announced a $5bn investment in Egypt by the Public Investment Fund (PIF) during a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh on Tuesday. The announcement was made as part of a broader effort to bolster economic ties between the two countries.

Egypt's Prime Minister Mostafa Madbouly said on Thursday that a planned Saudi Arabian investment of $5 billion in Egypt is independent of funds the Gulf state has deposited in the country's central bank,

Egypt said Saudi Arabia’s crown prince has directed the kingdom’s sovereign wealth fund to invest an initial $5 billion in the North African country.

After decades of providing cash assistance, the kingdom will invest $5 billion in companies and projects that promise yield.

King Abdulaziz Al Saud declared long ago, “The Arabs cannot do without Egypt, and Egypt cannot do without the Arabs.” This profound statement underscores the unique nature of Egyptian-Saudi relations,

Saudi Crown Prince Mohammed bin Salman has directed his country's sovereign wealth fund to invest $5 billion in Egypt, Cairo's cabinet announced on Monday. Egypt said the $5 billion injection would be the “first phase” of Saudi investments through its Public Investment Fund.