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Tuesday, 23 July 2019

Egypt's finance minister in talks over G8's $38 billion pledge

El-Beblawi meets French special envoy, pressing for further details on how Egypt will benefit from funding promised last month

Ahram Online, Wednesday 26 Oct 2011
Former French prime minister and current special envoy Edouard Balladur, currently in Cairo (Photo: Reuters)
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Egypt's finance minister has met with France's special envoy to discuss the $38 billion in G8 aid promised to the Arab world and how Egypt will benefit from the pledge, a statement from his ministry said on Wednesday.

In September, a meeting of the Group of Eight (G8), representing the world's major industrialised nations, pledged $38 billion to fund development in a number of Arab countries including Egypt, Jordan, Tunisia, Morocco and Libya.
During a meeting in Cairo this week, Hazem El-Beblawi asked former French prime minister and special envoy Edouard Balladur for further details on the proportion of aid Egypt will receive, how it will be delivered and when. 
Detailed answers to these questions have still not been given.
El-Beblawi stressed Egypt's urgent need for liquidity to finance the budget deficit for the current 2011/12 fiscal year. He added that long-term development goals mean Egypt needs funding for infrastructure and projects to boost local economies.
The minister also pointed out that a prosperous Egypt would play a role in ensuring Middle East stability.
Discussions ranged over a number of ideas for stimulating the Egyptian economy and attracting more aid and investment, according to the ministry's statement.
The G8 comprises the US, Britain, France, Germany, Canada, Italy, Japan and Russia. 
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