Saudi Arabia Joins Egypt’s Gulf-Cash Influx With $15 Billion
The river Nile running through Cairo, Egypt.
Photographer: Amir Makar/AFP/Getty Images
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Saudi Arabia pledged $15 billion to support Egypt, the latest Gulf state to back an economy that’s under increasing pressure from the war in Ukraine and is seeking International Monetary Fund help.
The kingdom deposited $5 billion in Egypt’s central bank, the state-run Saudi Press Agency reported on Wednesday. Saudi Arabia’s Public Investment Fund is also looking into $10 billion of potential investments in Egypt’s healthcare, education, agriculture and financial sectors, according to an Egyptian cabinet statement.