Gulf deposits to be announced at Egypt’s economic conference
President Abdel Fatah al-Sisi. Photo courtesy of presidential office.

CAIRO: Deposits from Saudi Arabia, Kuwait and the UAE are expected to be announced in detail at Egypt’s Economic Conference scheduled to kick off March 13, a top government official speaking under anonymity told Youm7 Thursday.

Many Gulf countries have announced high-ranking participation in the long-awaited Egypt Economic Development Conference (EEDC) scheduled March 13-15.

Egypt hopes the much-publicized economic conference will lure fresh investments worth billions of dollars to boost its limping economy, hit by political turmoil since 2011’s January 25 Revolution.

Saudi Crown Prince Muqrin bin Abdulaziz al-Saud, Kuwaiti Emir, Sheikh Sabah Al-Ahmad Al-Jaber, and Emirati Crown Prince of Dubai Hamdan bin Mohammed bin Rashid Al Maktoum will lead business delegations representing their countries in the conference.

A top government official told Youm7 Thursday that “deposits from Gulf states will be announced at the conference,” adding that the final value of the deposits and the receiving timeframe to be revealed at the economic summit as well, the source added.

Earlier in February, Youm7 exclusively reported that Egypt will receive $10 billion in deposits from Saudi Arabia, Kuwait and the United Arab Emirates prior to the country’s economic summit.

The newspaper added that the pledged deposits are separate from investments the three countries are going to put forward at the summit.

In 2013, the three gulf nations pledged $12 billion to Egypt in cash, deposits and petroleum shipments to support its economy after the military ousted President Mohamed Morsi following mass protests against his regime the same year.

Speaking at a business conference in Dubai earlier this month, Minister of Investment Ashraf Salman said Egypt had obtained $23 billion in aid from Saudi Arabia, the UAE and Kuwait in the 18 months after Morsi’s ouster.

Some experts said he might have added the $10 billion deposits announced in February to the $12 billion pledged to Egypt in 2013. However, the Central Bank of Egypt announced that Egypt’s foreign reserves witnessed a slight rise by $26 million to $15.5 billion at February-end, increasing the possibility that Egypt has not obtained the deposits yet.

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