Arab states pledge $12 billion in aid, investment to Egypt (Al-Shorfa)

Saudi Arabia, Kuwait and the UAE pledged a combined $12 billion in aid and investment Friday (March 13th) to help Egypt’s struggling economy, AFP reported.
Kuwait’s Emir Sheikh Sabah al-Ahmad Al Sabah, Saudi Crown Prince Moqren and Emirati Prime Minister Mohammed bin Rashid al-Maktoum each pledged $4 billion in speeches at an investment conference in the Egyptian resort town of Sharm el-Sheikh.
“I am happy to announce that Kuwaiti investment bodies will invest $4 billion in different economic sectors of Egypt,” the Kuwaiti emir said at the conference’s opening session.
Saudi Crown Prince Moqren said the kingdom’s $4 billion in investments will include a $1 billion deposit in the Egyptian Central Bank.
The remaining $3 billion will be disbursed as aid through Saudi development funds and investment in projects to be set up by Saudi companies, he said.
The UAE prime minister said his country’s investment includes a $2 billion deposit in the Central Bank, with the rest used to fund projects to be announced later.
Global political and business leaders have gathered at Sharm el-Sheikh for the conference that aims to attract billions of dollars into Egypt’s troubled economy.