Gulf states to deposit $10 billion in Egypt before conference: Report

Reuters , Thursday 5 Feb 2015

Saudi Arabia, Kuwait and the United Arab Emirates will deposit $10 billion in Egypt before the country holds an investment conference in March, the news website Al-Youm Al-Sabea 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.

Saudi Arabia, Kuwait and the United Arab Emirates gave Egypt more than $12 billion in aid, deposits for the central bank and petroleum products since the ouster of Islamist President Mohamed Morsi 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.

Egypt can expect economic growth "easily north of 4 percent" in fiscal year 2014-15, which ends in June, boosted by rising confidence and a windfall from lower oil prices, its finance minister said last month.

Short link: