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FINANCIAL NEWS
Gulf states plan to deposit USD10b in Egypt
05 Feb 2015
(MENAFN) Saudi Arabia, Kuwait and the United Arab Emirates will deposit USD10 billion in Egypt before the country holds an investment conference in March, the news website showed, Saudi Gazette reported.
Egypt hopes the conference in the resort Sharm El-Sheikh will generate ventures worth billions of dollars, helping to boost its economy, which has just started to recover from political turmoil triggered by the 2011 Arab Spring uprising.
Saudi Arabia, Kuwait and the United Arab Emirates gave Egypt more than USD12 billion in aid, deposits for the central bank and petroleum products since the army toppled Islamist President in 2013 after mass protests against his rule.
President Abdel Fattah Al-Sisi has focused on trying to repair Egypt’s economy, enacting reforms to try and win over foreign investors and announcing mega-projects such as a second Suez Canal to create jobs.
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