World

Saudi Arabia announces $8b in new investments and five-year oil assistance for Egypt

Saudi Arabia has pledged new support for Egypt's economy in the form of oil assistance and $8 billion in additional investments in the country.

The announcement comes as Saudi Arabia's Deputy Crown Prince and Defense Minister Mohammed bin Salman was in Cairo on Tuesday. He was quoted in the Saudi Press Agency as saying that King Salman ordered 30 billion riyals ($8 billion) in investments, contribution to Egypt's needs for oil for a period of five years and support for traffic in the Suez Canal by Saudi ships. No further details were given.

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.