$12bn pledged for Egypt

Newspaper Title: Arabnews

Newspaper Number:

Saturday - 14 March 2015

The Saudi government would give Egypt $4 billion (over SR15 billion) in aid to help secure and develop its economy, Crown Prince Muqrin, deputy premier, announced here Friday.

Prince Muqrin said $2 billion (SR7.5 billion) would be deposited in the Egyptian Central Bank, while the rest would be distributed for developmental assistance through the Saudi Development Fund.

The UAE and Kuwait have also pledged $4 billion each, bringing the total investments and central bank deposits by the three Gulf Cooperation Council countries to $12 billion (SR45 billion).
Addressing the three-day Egypt Economic Development Conference in the Red Sea resort city of Sharm El-Sheikh, Prince Muqrin said the Kingdom has already given Egypt nonrefundable aid in various forms, including petroleum grants.
He said the aim of the support is to ensure that Egypt has a stable economy and can stand up to security threats. He condemned the terror attacks across the country, and urged the international community to play its role in helping the country, and not take decisions that would see it accused of double standard.
Prince Muqrin said that Custodian of the Two Holy Mosques King Salman wants the country to prosper. He praised Egypt for its recent economic reforms, which would create an attractive environment for investors. There have already been signs of economic recovery, he said.
He said King Salman is confident that the “wisdom” of President Abdel Fattah El-Sissi would help achieve this economic turnaround.
The delegation includes Adviser at the Court of the Crown Prince, Prince Mansour bin Muqrin; Finance Minister Ibrahim Al-Assaf; Commerce and Industry Minister Tawfiq Al-Rabiah; Culture and Information Minister Adel Al-Toraifi; and Minister of State for Foreign Affairs Nizar Madani.
El-Sissi thanked the Kingdom for its efforts under the late King Abdullah and now King Salman, which he said would help stabilize the country and ensure its development. He also lauded the rulers of the UAE, Kuwait, Jordan and Bahrain.
On the sidelines of the conference, Crown Prince Muqrin met with Emir of Kuwait Sheikh Sabah Al-Ahmed Al-Sabah and discussed bilateral relations and various regional and international developments.
Also attending are delegations from 100 countries in Africa, Latin America, Asia, Europe and North America. There are also 25 Arab and international organizations participating in the conference.
The conference is expected to attract more than 2,000 government and business leaders from across the world, including the International Monetary Fund’s Christine Lagarde and US Secretary of State John Kerry.
Cairo wants to double foreign investment in this fiscal year to $8 billion. “I’m expecting here to see $15-$20 billion in agreements signed,” Investment Minister Ashraf Salman told Reuters earlier, adding that the deals would cover power plants, real estate and agricultural projects.