(Bloomberg) -- Saudi Arabia’s sovereign wealth fund is in advanced talks to acquire Egypt’s state-owned United Bank in a deal that could be worth about $600 million, according to people with knowledge of the matter, as the kingdom extends its support for the North African nation.

The $620 billion Public Investment Fund would carry out the acquisition through Saudi Egyptian Investment Co. unit, which it set up earlier this year to invest in swathes of Egypt’s economy, the people said, asking not to be identified as the discussions are private.

An agreement may be finalized by as soon as this month, though final terms are still being agreed, they said. Representatives for the PIF declined to comment. Officials at Egypt’s central bank weren’t available to comment. 

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Saudi Arabia is taking steps to provide financial support to countries in the region as it looks to bolster allies and cement new relationships. For Egypt, the kingdom has pledged $10 billion of investments in sectors such as health care, education and agriculture. It already scooped up state-owned stakes in four Egyptian publicly-listed companies for $1.3 billion and deposited $5 billion in the country’s central bank.

Saudi Finance Minister Mohammed Al Jadaan said the kingdom has started “investing aggressively in Egypt” and will continue “to look at investment opportunities and that is more important than deposits. Deposits can be pulled but investments stay,” he said.

One of the world’s largest wheat importers, Egypt has raced to secure financial support from its Gulf Arab allies to buoy an economy struggling with higher food and fuel import bills. The country has devalued its currency twice this year and reached a staff-level agreement on a $3 billion loan from the International Monetary Fund that’s due to be approved later this month. 

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The United Bank, which was established in 2006, has 65 branches nationwide and more than 200 ATMs, according to its website. 

--With assistance from Matthew Martin.

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