01-10-2022 12:46 AM Jerusalem Timing

Saudi Pledges to Invest $8 bn in Egypt within 5 Years

Saudi Pledges to Invest $8 bn in Egypt within 5 Years

Saudi Arabia has pledged a total of eight billion dollars in investment and aid to Egypt over the next five years.

Saudi King SalmanSaudi Arabia has pledged a total of eight billion dollars in investment and aid to Egypt over the next five years.

Saudi's King Salman "ordered that Saudi investments in Egypt exceed 30 billion riyals ($8 billion)" and that the kingdom "contribute in providing Egypt with its needs for petrol," said a statement published by the Saudi Press Agency on Wednesday.

In addition, Saudi ships would "support" traffic in the Suez Canal, Saudi defense minister and Deputy Crown Prince Mohammad bin Salman announced on Tuesday during a visit to Egypt.

The pledges come amid Saudi continuous funding for terrorist organizations operating in Afghanistan, Syria, Iraq, Yemen, Lebanon and other parts in the region, as well as the war it launched on Yemen more than eight months ago.

Egypt is taking part in a Saudi-led coalition that has been bombing Yemen.

Saudi Arabia has been striking Yemen for 265 days now, and it has so far killed at least 6,594 Yemenis, including hundreds of women and children.

Despite Riyadh’s claims that it is bombing the positions of the Yemeni national military, Saudi warplanes are flattening residential areas and civilian infrastructures.