Cairo hopes for investments up to $7.66B from Gulf
Egypt's Prime Minister Ibrahim Mahlab - YOUM7/Sami Waheeb

CAIRO: Cairo has created a list of projects to be sent to Gulf countries including the UAE, Saudi Arabia and Kuwait to provide funding worth $ 7.66 billion, reported Al-Mal Thursday.

The package contains infrastructure projects including construction of sewage stations, road and bridges projects, constructing social housing units and electricity plants, an Egyptian official told alMal.

Prime Minister Ibrahim Mahlab met on May 4 with a delegation from the Kuwaiti company Kharafi Group to discuss boosting its investments in Egypt, according to a press statement published on the Cabinet’s website.

After the events of June 30 that led to former President Mohamed Morsi‘s ouster, Kuwait promised to grant Egypt $4 billion in aid, of which $2 billion was deposited in the Central Bank of Egypt (CBE), $1 billion was delivered in oil cargos and the remaining $1 billion is scheduled to be granted in a few months.

Since the ouster, aid from a number of Gulf countries has amounted to $12 billion, however president-elect Abdel Fatah al-Sisi said in earlier statements in May that the Gulf aids to Egypt amounts to $20 billion.

Al Mal reported the UAE had offered Egypt $2.9 billion, the term of which it is about to come to an end, except for some sewage projects.

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.

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