Mahlab to meet Gulf officials to discuss investment of pledged aid
Prime Minister Ibrahim Mahlab - YOUM7 (Archive)

CAIRO: Prime Minister Ibrahim Mahlab is expected to meet with officials from the UAE, Saudi Arabia, and Kuwait to decide on how the remaining $6 billion of the $12 billion aid pledged to Egypt during the economic conference will be invested, Al Borsa newspaper reported Sunday.

Gulf countries promised a total of $12.5 billion in aid and investments to Cairo on the first day of the three-day economic summit held in Sharm el-Sheikh March 13-15.

Earlier in April, Egypt received deposits with a total value of $6 billion from Saudi Arabia, Kuwait and the UAE, pushing its foreign reserves to $20.5 billion at April-end, compared to $15.3 billion in March.

“The UAE’s Minister of State Sultan Ahmed al-Jaber and Saudi Finance Minister Ibrahim al-Assaf will act as coordinator between Egypt’s government and the three Gulf countries to follow up the investment plan of the $6 billion aid,” Al Borsa newspaper quoted Investment Minister Ashraf Salman.

Salman added that “the investments to be commenced with cash flow at the beginning of the upcoming fiscal year 2015/2016 (to start July 1.)”

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