Saudi Arabia Assures Egypt It’s Making Good on Pledges to Invest
Workers feed harvested wheat into a thresher on a farm in Rahma Village, Fayoum, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Saudi Arabia said it’s following through on financial pledges made to crisis-hit Egypt, without elaborating on the progress, amid concerns the kingdom is holding back on assistance partly due to the plunging pound.
The Gulf region’s biggest economy deposited $5 billion in Egypt’s central bank last year and, alongside Qatar, has earmarked more than $10 billion for its long-time ally. But so far, only $1.3 billion has come to fruition, when a unit of Saudi Arabia’s Public Investment Fund acquired state-owned stakes in four Egyptian companies.