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

Egypt's Gulf Arab allies have pledged here on Friday a total of 12 billion U.S. dollars in aid and investment as the country hosted an international summit to attract foreign investors and fix economy.

Addressing to an assembly of world leaders and businessmen, Egyptian President Abdel Fattah al-Sisi showed strong confidence and gave a blueprint of Egypt's economic revival after four-year political turmoil.

After Sisi's inauguration, Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah told the audience that his oil-rich nation will pour four billion dollars in different industries in Egypt.

Crown Prince Muqrin bin Abdel-Aziz of Saudi Arabia promised a new four-billion-dollar package in financial aid and private investment, including one-billion deposit in Egypt's Central Bank.

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

The much-hyped conference, called for by late Saudi Arabia King Abdullah last year, is one of the government's centerpiece for showing that Egypt is ready for business and eager to improve its staggering economy and social disorder.

Saudi Arabia, Kuwait and the UAE, strong backers of Egypt's current military-oriented authorities, have kept Egypt's economy afloat by giving billions of dollars of cash grants and bank deposits since the army's ouster of Islamist President Mohamed Morsi in July, 2013.

"Egypt's journey towards future will be achieved in partnership with investors," Sisi told leaders and representatives from more than 100 countries and organizations.

He said the Arab 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 is a country that rejects violence and terrorism, and a country that strengthens regional stability and peace," Sisi added.

The former army leader, who obtained a landslide victory in mid-2014 presidential elections, was considered to use this gathering to prove his ability and will in stabilizing the society and reviving economy.

U.S. Secretary of State John Kerry also expressed Friday his country's support for Egypt's economy and for its ongoing war against terrorism.

"The American people are committed to the security and political and economic well-being of the Egyptian people," Kerry said, adding that the United States has granted millions of dollars for the development of Egypt's small and medium-sized businesses.

Since the January 2011 popular uprising that toppled longtime ruler Hosni Mubarak, Egypt's annual economy growth plumped down to 1.8 percent from over 7 percent during the 2010-2011 fiscal year ending June 30.

The number has begun to inch back up as the International Monetary Fund (IMF) forecasted a 3.8 growth in 2014-2015 fiscal year.

"Egypt is moving in the right direction in terms of economic reforms for a higher growth rate," IMF chief Christine Lagarde told the conference, urging Egypt to continue its economic and social reforms.

Egypt's business environment could make it among the top 50 countries worldwide "with the right reform," she added.

The 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