Egypt to receive loans from Gulf Countries after al-Sisi’s election win
Saudi King Abdullah bin Abdulaziz Al Saud - YOUM7 (Archive)

CAIRO:  Saudi King Abdullah bin Abdulaziz Al Saud called for a donor conference to help boost the Egyptian economy in a congratulatory cable to president-elect Abdel Fatah al-Sisi.

“I call upon all of Egypt’s brothers and friends to organize a donor conference to assist that country to overcome its economic crisis,” Abdullah said in a cable sent to Sisi Tuesday, published by Saudi state news agency SPA.

According to SPA, the Saudi King Abdullah bin Abdulaziz Al Saud said that the day of choosing Abdel Fatah al-Sisi was a “historic day,” and congratulated him on the “kind confidence bestowed on you by the people who entrusted you to carry their hopes, aspirations and dreams for a better future.”

The UAE has welcomed such initiative, according to WAM news agency.

Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi said that the UAE will contribute with “honest will” in efforts that will allow Egypt confront different challenges.

Several Arab leaders congratulated President Abdel Fatah al-Sisi Tuesday on his announced election win, including the leaders of Kuwait, UAE, Morocco, Jordan and Yemen, according to SPA.

Al Nahyan sent Sisi a cable Tuesday congratulating him for the election win, according to UAE newspaper Al-Bayan.

He added that they are moving forward into supporting “our brothers in precious Egypt,” and standing with it in all circumstances.

Since the ouster of former president Mohamed Morsi, many Gulf countries have supported Egypt and granted it several loans amounting to $12 billion, however president-elect Sisi said in earlier statements in May that the Gulf aids to Egypt amounts to $20 billion.

Al-Mal reported Sunday that governmental sources told them there had been a number of meetings with officials from Kuwait and Saudi Arabia, in which they agreed to fund specific projects similar to the agreements signed with Emirates last year, which provided $2.9 billion for developmental projects.

According to the State Information Service of Egypt, trade between the two countries amounts to $1.7 billion, and about 500,000 Egyptian citizens are living in Kuwait.

Kuwait is set to grant Egypt the remaining U.S. $1 billion non-refundable aid during the next few months, Kuwaiti ambassador to Cairo Salem al-Zamanan stated in press statement last April.

Recommend to friends

Leave a comment