1st LD: Gulf states pledge 12 billion dollars to boost Egypt's ailing economy

Saudi Arabia, Kuwait and the United Arab Emirates (UAE) pledged on Friday a total of 12 billion U.S. dollars in aid and investment to boost Egypt's ailing economy at Egypt's Economic Development Conference (EEDC).

After Egyptian President Abdel-Fattah al-Sisi inaugurated the conference at the Egyptian Red Sea resort city of Sharm el-Sheikh, Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah told the conference that Kuwaiti investment bodies will pour four billion dollars into Egypt's different sectors.

Crown Prince Muqrin bin Abdel-Aziz of Saudi Arabia also announced that his country will extend four billion dollars in financial aid and private investment to Egypt, including a one-billion deposit in Egypt's central bank.

Meanwhile, Mohammed bin Rashed al-Maktoum, vice President of the UAE and ruler of Dubai, said it will deposit two billion dollars in the central bank while other two billion in the economy.

Briefing at the conference, Sisi urged investors to seize real investment chances in the Arab country.

Sisi said his country has implemented extensive reforms to restore fiscal stability, drive growth and put the country back on the path of economic recovery to improve the social welfare of Egypt.

"Egypt has put in place a sustainable long-term development strategy until 2030," the president said.

Analysts say the economic conference aims to attract billions of dollars in foreign investment over the planned four-year period to help improve the already staggering economy of Egypt.

Around 100 countries and 25 international institutions are taking part in the three-day economic summit. Endit