CAIRO, March 30 (Xinhua) — Egypt and Saudi Arabia concluded on Wednesday an agreement that the Saudi Public Investment Fund (PIF) will invest in the North African country.

The move stems from the close historic ties between Egypt and Saudi Arabia and is based on the directives of the leaders of the two countries to strengthen cooperation, the Egyptian cabinet said in a statement.

“The PIF will pave the road for luring more investments and foreign currency, boosting the national workforce, localizing modern technologies in the Egyptian economy,” said the statement.

The fund will promote the trade between the two countries and contribute to expanding their investments in other countries at the regional and international levels, it added.

On the same day, Saudi Arabia announced the deposit of 5 billion U.S. dollars at the Central Bank of Egypt, the Saudi Press Agency reported.

The banking deposit is part of the kingdom’s initiative to support the Egyptian economy.