Gulf states bolster Egypt with financial support at Sisi summit

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By Keith Walker  with REUTERS
Gulf states bolster Egypt with financial support at Sisi summit

Gulf Arab allies have pledged big investments and central bank deposits for Egypt at an international summit which got underway in Sharm el-Sheikh on Friday.

Delegates from more than 40 counties are attending the meeting which continues over the weekend.

Kuwait, Saudi Arabia and the UAE each offered the equivalent of 3.8 billion euros — a big boost to Egyptian President Abdel Fattah al-Sisi who’s reforming the economy after years of political unrest.

Sisi’s heavy-handed crackdown on Islamists and secular opponents has been heavily criticised by human rights groups. But he has won praise from foreign investors by cutting burdensome fuel subsidies and implementing other reforms.

“We wish the best through this conference, to be given to Egypt, to be a major country and big one, and strong enough to play a role in Africa,” Côte d’Ivoire Ambassador in Egypt, Egan Allo, told euronews.

“This conference giving us a lot of trust, which is really needed here in Egypt,” said head of Alnahar Company, Amr Alkahke, adding, “we are hoping, and we are waiting for everything that has been planned and promised to become implemented.”

Euronews correspondent
Mohammed Shaikhibrahim reported: “Egypt is pinning great hopes on this conference. A lot of people here describe it as a ‘economic revolution’ due to the huge numbers of proposed economic projects as well the number of the countries represented here.”