3 Arab states pledge to provide Egypt with $12 bn

3 Arab states pledge to provide Egypt with $12 bn

HomeAfricaEgypt Fri Mar 13, 2015 6:52PM

Three Persian Gulf Arab states have pledged to provide Egypt with an aid package of USD 12 billion to help the North African country’s lumbering economy.

Speaking at a high-profile three-day investment conference in the Egyptian resort town of Sharm el-Sheikh on Friday, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Saudi Crown Prince Moqren bin Abdulaziz and Emirati Prime Minister Mohammed bin Rashid Al-Maktoum announced they would contribute four billion dollars each.

“I am happy to announce that Kuwaiti investment bodies will invest $4 billion in different economic sectors of Egypt,” the Kuwaiti emir said at the inaugural session of the conference.

The Saudi crown prince said his country’s investments will include a one-billion-dollar deposit in the Egyptian Central Bank while the remaining three billion dollars will be disbursed through Saudi development funds and investment as aid in projects.

The United Arab Emirates’ premier said his country’s investment includes a two-billion-dollar deposit in the Central Bank, with the rest envisaged to fund projects.

Meanwhile, President of Oman’s State Council Yahya bin Mahfouz said Muscat would provide Cairo with USD 500 million in grant and investment over the next five years.

He added that half of the amount would be in the form of a “grant to support liquidity” and the rest would go towards investment in projects in Egypt.

World political and business leaders, including US Secretary of State John Kerry, have gathered at Sharm el-Sheikh to attend a conference planned to attract billions of dollars into Egypt’s economy.

The conference is also aimed at bolstering Egyptian President Abdel Fattah al-Sisi’s international standing. This is while Sisi’s government has been struggling with domestic tensions since 2012 when the country’s first democratically-elected president, Mohamed Morsi, was removed from power.

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