From left to right, King of Bahrain Hamad bin Isa Al Khalifa, Sudanese President Omar al-Bashir, King Abdullah of Jordan, Emir of Kuwait Sheik Sabah Al Ahmad Al Sabah, Egyptian President Abdel-Fattah el-Sissi, Saudi Crown Prince Muqrin bin Abdul-Aziz, Sheikh Mohammed Bin Rashid al-Maktoum, ruler of Dubai, and other delegates attend the opening ceremony of the Egypt Economic Development Conference, in Sharm el-Sheikh, Egypt, Friday, March 13, 2015 (Photo: AP)
On the first day of Egypt's international economic conference, world and business leaders praised the country's efforts to reform its economy and expressed their support for its ongoing fight against terrorism.
Egypt has been working to achieve stability after four years of political turmoil that has battered its economy.
Through a well-organised conference in Sharm El-Sheikh Red Sea resort, Egypt had hoped to lure investments worth billions of dollars and also garner political support.
On Friday, Cairo seemed to achieve a semblance of both.
Gulf allies came through big for Cairo. Kuwait, Saudi Arabia, the United Arab Emirates and Oman collectively pledged $12.5 billion in aid.
The oil-rich countries, which strongly oppose the Muslim Brotherhood, have provided Egypt with at least $20 billion since the ouster of Islamist president Mohamed Morsi in 2013.
On Friday, these leaders reiterated their support to Cairo in its ongoing war against Islamist militants.
"Our region is witnessing political, economic and security changes that have negatively affected the development path and through which the phenomenon of terrorism have risen in a frightening way, unfortunately attaching itself falsely to Islam," Saudi Crown Prince Muqrin bin Abdel-Aziz said.
Saudi Arabia, other Gulf countries and Egypt have all lent support to the US-led coalition to fight the Islamic State militant group, which has gained foothold in Syria, Iraq and Libya.
Western allies at the conference also praised much of Cairo's political and economic efforts.
US secretary of State John Kerry, whose country has voiced concern over Egypt's human rights record after the ousting of Morsi and the subsequent crackdown on his supporters, praised Cairo's efforts against terrorism.
However, Kerry cautioned Cairo to pay attention to protecting individual rights and maintaining an unbiased justice system.
Egypt has been fighting a decade-long Islamist insurgency in the Sinai Peninsula, which spiked after Morsi's overthrow.
Cairo has also been contending with increasing bombings against economic targets in the capital and around the country.
Italian Prime Minister Matteo Renzi, citing strong economic and historic ties with Egypt, sounded vocal support for Cairo in its war against militants.
“Your war is our war, and your stability is our stability,” said Renzi.
"The issue is not about Egypt or the region only, but also about Italy and the rest of the world."
Meanwhile, both the World Bank and the International Monetary Fund managing directors praised the economic reforms the government has undertaken.
"This event marks an important step for Egypt. It shows that Egypt is open for business,” said World Bank Managing Director Sri Mulyani Indrawati.
Christine Lagarde, the managing director of the IMF, praised Egypt's economic reforms measures undertaken during the last year, namely subsidy cuts and sales tax hikes on cigarettes and alcohol.
Lagarde still insisted Cairo must do more to keep reforms on track and regain the trust of its people.
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