Egypt will agree with the Saudi side within the upcoming period on the mechanisms of implementing the initiative, which was launched by Saudi King Salman bin Abdulaziz, who pledged a total of eight billion dollars in investment and aid to Egypt over the next five years, said Petroleum and Mineral Resources Minister Tarek El Molla.

In statements Sunday on the sidelines of the 25th ministerial meeting of the Arab Petroleum Exporting Countries (OPEC), Molla said that the Egyptian-Saudi coordination council will convene on January 4 in Saudi Arabia to discuss mechanisms related to implementing this initiative.