CAIRO, Dec.17 (Aswat Masriya) - Despite the expected shortfall in Saudi Arabia's budget due to the drop in oil prices, the kingdom "will stand by Egypt until it returns to its position as a pioneer," Saudi's ambassador said Thursday.

Ambassador Ahmed al-Kattan told a press conference that drop in oil prices "will not deter" Saudi Arabia from assisting Egypt.

Saudi Arabia said on Tuesday that it is going to raise its investments in Egypt to above 30 billion Saudi riyals ($8 billion) and will "contribute to providing Egypt with petroleum needs for the next five years."

The announcement came after the meeting of the Saudi-Egyptian Coordination Council on the same day.

Kattan said that Saudi Arabia's decision to assist Egypt will help relief the burden of importing petrochemical products.

Egypt's economy has suffered a crunch in foreign currency following five years of political upheaval which, taking a toll on foreign investment and tourism, two of the main sources of hard currency. Egypt's foreign reserves have fallen by more than half since a popular uprising on Jan. 25, 2011.

Kattan added that the aid will support the Egyptian government in activities related to foreign oil companies and will strengthen the government's ability to pay its debts.

The oil-rich monarchy has been generous with Egypt, a net importer of energy, since mid-2013 but the financial assistance now comes at a time when Egypt's cash-strapped economy is in dire need.