FINANCIAL NEWS

Egypt seeks GCC’s support for investment

11 Dec 2015

(MENAFN) Egypt intends to get into discussions with Saudi Arabia, Kuwait and the United Arab Emirates to secure more aid and investments.

The country is basically seeking to ease a dollar crunch threatening to derail its nascent economic recovery, according to the latest reports.

The three Gulf Arab monarchies have given tens of billions of dollars to support the Egyptian economy since the 2013 army-led dismissal of former President.

However, it’s not clear how much more aid they can extend at a time when the slump in oil prices and the war in Yemen negatively impact their public finance.

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