$12bn pledged for Egypt

[Hindustani78]

$12bn pledged for Egypt | Arab News

$4bn Saudi aid to help Cairo secure, develop economy

SHARM EL-SHEIKH: ARAB NEWS


Published — Friday 13 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.

 

[SipahSalar]

That's equal to 10 years of financial assistance Pakistan got from USA.

 

[Hell NO]

That's equal to 10 years of financial assistance Pakistan got from USA.

Well you can't compare GCC Egyptain relations to USA Pakistani relations
Egypt well-being is directly connected to GCC'S well-being

 

[Abu Zolfiqar]

Egypt's macroeconomic situation post revolution was quite precarious. These injections into their economy will be crucial. It's a large country, highest populated Arab country and strategically/geographically and politically important among the arab league countries.....Egypt hasn't been making the news much nowdays which is probably a good thing

 

[SipahSalar]

Well you can't compare GCC Egyptain relations to USA Pakistani relations
Egypt well-being is directly connected to GCC'S well-being

Well this donation had to happen after leaked conversation of Sisi in which he is asking arab countries to give him money.
Will latest audio leaks hurt Egypt's Sisi? - Al Jazeera English

 

[Hindustani78]

Well you can't compare GCC Egyptain relations to USA Pakistani relations
Egypt well-being is directly connected to GCC'S well-being

Egypt is the backbone of the Arab people and Egyptian establishment will always take a pro stand for GCC.

By the way, US is going to give aid to Egypt.

US to decide on Egypt military aid 'very soon': John Kerry | Zee News

Sharm El-Sheikh: US Secretary of State John Kerry said on Saturday that Washington will decide "very soon" on freeing military aid to Egypt frozen since the army toppled Islamist president Mohamed Morsi in 2013.


Kerry made the announcement on the sidelines of an international investment conference in Egypt, after four Arab states pledged to offer USD 12 billion (11.4 billion) in investment aid to help revive its economy.

"With respect to aid and assistance, I really expect a decision very soon," Kerry told reporters in response to a question on when Washington planned to release the USD 650 million in military aid it froze after Morsi's overthrow.

Washington annually offers about USD 1.5 billion in aid to Egypt, including USD 1.3 billion in military aid.

 

[Hindustani78]

Kerry: Decision soon on unfreezing US military aid to Egypt - The Economic Times
By AP | 14 Mar, 2015, 03.31PM IST

SHARM EL-SHEIKH: US Secretary of State John Kerry says the US will make a decision "very soon" on how to unfreeze hundreds of millions of dollars in suspended American military assistance to Egypt.

Egypt has been trying to get F-16s fighter jets, tanks and other materiel to combat the extremist threat spilling over from Libya and in the Sinai Peninsula.

The Obama administration considers the money critical for Mideast stability.

But the US must decide whether to certify Egyptian progress on human rights, democracy and the rule of law, or issue a declaration that such aid is in the interests of US national security.

The aid was suspended after the military's 2013 takeover of the government.

Kerry spoke at a news conference Saturday in Egypt.

 

[Hindustani78]

Egypt agrees $36.2 billion in investment deals | Zee News
Last Updated: Monday, March 16, 2015 - 00:44

Cairo: Egyptian Prime Minister Ibrahim Mahlab announced Sunday on that his country agreed USD 36.2 billion (34.5 billion euros) in investment deals, at the close of a three-day conference to kick start the economy.


The conference, which started with Arab Gulf countries pledging USD 12 billion in investments and aid, is seen by the government as a ringing endorsement of President Abdel Fattah al-Sisi and his fight against Islamist militants.

"Direct investment contracts that were signed are worth USD 36.2 billion," Mahlab announced at the end of the conference in the Red Sea resort town of Sharm el-Sheikh.

He added that Egypt also undertook 18.6 billion in financed projects such as for a power plant that the country would repay.

Egypt also won USD 5.2 billion in loans from international institutions, he said.

"It is for us now to work and sweat," Mahlab said.

The deals include a record investment by British Petroleum and its Russian partner DEA of USD 12 billion in Egyptian gas fields on the West Nile Delta.

German conglomerate Siemens signed a four-billion-euro power deal with Egypt, a company spokesman said Saturday.

AFP