Saudi Arabia’s Cabinet approved an agreement signed with the Egyptian government on investments by the Kingdom’s Public Investments Fund (PIF) in Egypt, state news agency SPA reported early Wednesday.

The Egyptian Prime Minister Moustafa Madbouly had witnessed on March 30 the signing ceremony between Egypt’s government and the Saudi government on PIF’s investments in Egypt.

The Egyptian Cabinet said that Egypt aims to invest $10 billion in cooperation between Egypt’s Sovereign Fund and the Saudi Public Investment Fund (PIF).

This agreement came as a culmination of the meetings held between the two countries to expedite the termination of procedures related to investment in Egypt through the Saudi Public Investment Fund, “in the context of the two countries’ desire to strengthen economic ties and relations between them, based on the directives of the two countries’ leaderships, in order to create conditions for greater opportunities for more investments in Egypt.”

The signed agreement aims to encourage and support the Saudi Public Investment Fund to invest in Egypt, and its contribution to achieving Egyptian goals in attracting investments in foreign currencies, supporting the use of national labour, localizing modern technologies in the Egyptian economy, and transferring expertise related to the Fund’s investments in Egypt, in a way that enhances the trade exchange between Egypt and Saudi Arabia.

This should contribute to expanding the activities of the two countries and their investments in other countries at the regional and international levels.