Oil-rich Gulf countries Kuwait, Saudi Arabia and the United Arab Emirates pledged on Friday $4 billion each in investments and assistance for Egypt, in speeches delivered during the Egypt Economic Development Conference.
Kuwaiti Emir Sheikh Sabah al-Ahmad al-Sabah said Kuwait investment bodies are investing the sum in different sectors in Egypt. Sabah, who was the first to speak after Egypt’s president Abdel Fattah al-Sisi said Kuwait is the second largest Arab investor in Egypt.
Saudi Crown Prince Muqrin bin Abdulaziz said the $4 billion pledged by Saudi include $1 billion which will be deposited in the Egyptian central bank, while the rest will be in the form of investments.
The Saudi prince asserted the importance of the support of the international community to Egypt.
Emirati Vice President and Prime Minister of the United Arab Emirates Mohammed bin Rashid al-Maktoum said the total amount of money that the Emirates has given Egypt over the past two years is more than $14 billion (106 billion Egyptian pounds).
Maktoum pledged $4 billion, half of which will be deposited in Egypt’s central bank. He added that the other $2 billion will be used to activate Egypt’s economy through initiatives that will soon be announced.
The three Gulf countries were quick to financially support Egypt’s interim authorities, which took charge after the ouster of Muslim Brotherhood politician and former president Mohamed Mursi in 2013.
Together, they have provided billions of dollars in aid, in the form of loans, petroleum products and deposits in the central bank.
Oman’s State Council’s chairman Yahya bin Mahfouz Al-Mundari meanwhile said his country pledged $500 million to support Egypt’s economy over the next five years. Half of the sum will be in the form of a grant to support liquidity, while the other half would be for long-term investment.
Delegations from more than 100 countries are taking part in the three-day conference, Egypt’s government said.
Egypt has long been campaigning for this conference among regional and international trade allies. The state strongly believes heavy participation in the conference would help in the recovery of an economy battered by political turmoil during the past four years