In Boost For al-Sisi, Gulf Nations Pledge $12 Billion In Aid To Egypt

Egyptian President Abdel Fattah al-Sisi. Photo courtesy of Wikipedia.

Three Gulf Arab allies have pledged a further $12 billion of investments and central bank deposits to Egypt on Friday during the first day of its international summit, Egypt The Future: Egypt Economic Development Conference (EEDC), in a big boost to President Abdel-Fattah al-Sisi as he works to reform the economy following years of political upheaval.

The new pledge of investment adds to the total of over $20 billion that has already been contributed to the nation since the military ouster of President Mohamed Morsi nearly 20 months ago.

Kuwait, Saudi Arabia, and the UAE (United Arab Emirates) each offered $4 billion in investment to Egypt, who has been grappling with attacks by militant groups opposed to Mr. Sisi’s government as the nation tries to improve investment climate.

The move will help boost Egypt’s balance sheet as its international reserves fell to around $15 billion in January, down from $17.3 billion a year earlier and $36 billion before the uprising in 2011.