2nd LD: Egypt's economy meeting opens, Gulf countries pledge 12 bln dollars in aid

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.

The announcements were made during the inauguration of a three-day Egypt Economic Development Conference in the Red Sea resort town of Sharm el-Sheikh.

After Egyptian President Abdel-Fattah al-Sisi's inauguration speech, Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah told the delegates that Kuwaiti investment bodies will pour four billion dollars in different sectors in Egypt.

Crown Prince Muqrin bin Abdel-Aziz of Saudi Arabia announced that his country will extend four billion dollars in financial aid and private investments to Egypt, including 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.

Addressing the meeting, Sisi urged investors to seize real investment chances during the conference dubbed as "Egypt the Future."

"Egypt's journey towards future will be achieved in partnership with investors," Sisi told 30 world leaders and hundreds of delegates and business executives.

He said the Arab country has implemented extensive reforms to restore fiscal stability and 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," he said.

The three-day conference, which was called for by Saudi Arabia last year, is meant to attract billions of dollars in foreign investment over the planned four-year period to help improve the already staggering economy of Egypt.

The Egyptian president also cited projects to be presented at the economic summit, including the digging of the Suez Canal, the Suez Canal development project as well as new airports, roads and tourism projects.

He pledged rapid and transparent policies to support the private sector and foreign investors.

Reform will also take into account social justice since Egypt's journey towards the future cannot happen without human development, Sisi told the delegates.

Egypt's state-run MENA reported that more than 500 state officials and diplomats from around 100 countries and some 2,500 investors are taking part in the conference.

The Egyptian authorities have imposed tight and unprecedented security measures at the highest level to secure the conference and the participants.

A senior security official told Xinhua that around 50,000 police and military men from various security apparatuses participate in the security process. Endit