Cairo: Saudi Arabia, Kuwait and the United Arab Emirates (UAE) pledged on Friday a total of $12 billion in aid and investment to boost Egypt’s ailing economy at Egypt’s Economic Development Conference (EEDC).
After Egyptian President Abdel-Fattah al-Sisi inaugurated the conference at the Red Sea resort city of Sharm el-Sheikh, Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah told the conference that Kuwaiti investment bodies will pour $4 billion into various sectors of Egypt.
Crown Prince Muqrin bin Abdel-Aziz of Saudi Arabia also announced that his country will extend $4 billion in financial aid and private investment to Egypt, including a $1 billion deposit in Egypt’s central bank.
Vice President of the UAE and ruler of Dubai Mohammed bin Rashed al-Maktoum said his country will deposit $2 billion in the central bank and invest $2 billion in the economy.
Briefing at the conference, Sisi urged investors to seize real investment chances in the Arab country.
Sisi said his country has implemented extensive reforms to restore fiscal stability, drive growth and put the country back on the path of economic recovery to improve the social welfare of Egypt.
“Egypt has put in place a sustainable long-term development strategy until 2030,” the president said.
Analysts say the economic conference aims to attract billions of dollars in foreign investment over the planned four-year period to help improve the already staggering economy of Egypt.
Around 100 countries and 25 international institutions are taking part in the three-day economic summit.