A number of agreements and memoranda of understanding in the fields of investment projects and environmental protection were signed between Egypt and Saudi Arabia during the first two days of Crown Prince Mohammed bin Salman's ongoing visit to Egypt, the Egyptian presidency spokesperson Bassam Rady announced on Monday evening.
According to the statement, the investment agreements aimed to boost joint cooperation between the two countries through mega-projects.
The statement added that a USD 16 billion Egyptian-Saudi investment fund was launched on Sunday between the Egyptian Ministry of Investment and International Cooperation and the Saudi Public Investment Fund "PIF" in order to pump Saudi investments in a number of projects across the Egypt's governorates.
The chosen projects will be selected by the investment ministry from Egypt's investment map, in coordination with other ministries and government institutions.
Crown Prince Mohammed bin Salman is currently in Egypt for a three-day visit that began on Sunday.