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Arab states pledge $12 bn in aid, investment to Egypt

AFP
A member of the Egyptian Presdential Guards gives signals to a car outside the congress hall in the Red Sea resort of Sharm el-Sheikh, as officials arrive for the Egypt Economic Development conference on March 13, 2015

Saudi Arabia, Kuwait and the United Arab Emirates pledged a combined $12 billion in aid and investment Friday to help Egypt's struggling economy.

Kuwait's Emir Sheikh Sabah al-Ahmad al-Sabah, Saudi Crown Prince Moqren and Emirati Prime Minister Mohammed bin Rashid al-Maktoum each pledged $4 billion in speeches at an investment conference in the Egyptian resort town of Sharm el-Sheikh.

"I am happy to announce that Kuwaiti investment bodies will invest $4 billion in different economic sectors of Egypt," the Kuwaiti emir said in remarks at the inaugural session of the three-day conference.

Saudi Crown Prince Moqren said the kingdom's $4 billion in investments will include a $1 billion deposit in the Egyptian Central Bank.

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The remaining $3 billion will be disbursed as aid through Saudi development funds and investment in projects to be set up by Saudi companies, he said.

The UAE prime minister said his country's investment includes a $2 billion deposit in the Central Bank, with the rest used to fund projects to be announced later.

Global political and business leaders, including US Secretary of State John Kerry, have gathered at Sharm el-Sheikh for the conference that aims to attract billions of dollars into Egypt's troubled economy.

The conference is also aimed at bolstering Egyptian President Abdel Fattah al-Sisi's international standing and to help support his fight against jihadists.