Saudi Arabia announces oil assistance, investments for Egypt - Politics - Egypt - Ahram Online

Saudi Arabia announces oil assistance, investments for Egypt - Politics - Egypt - Ahram Online:

"Saudi Arabia has pledged renewed support for Egypt's economy in the form of oil assistance and $8 billion in additional investments in the country.
The announcement came during Saudi Arabia's Deputy Crown Prince and Defense Minister Mohammed bin Salman visit to Cairo on Tuesday. He was quoted in the Saudi Press Agency as saying that King Salman ordered 30 billion riyals ($8 billion) in investments in Egypt, contribution to Egypt's needs for oil for a period of five years, and increased traffic in the Suez Canal by Saudi ships.

Saudi Arabia has supported Cairo with billions of dollars in aid, grants, and cash deposits to help buoy the country's economy after several years of political upheaval sent foreign reserves tumbling."



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