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Egypt raises $19.3bn on Summit’s 1st day - Daily News Egypt

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Egypt raises $19.3bn on Summit’s 1st day

Total announced deposits from several GCC countries in the CBE valued at $5.25bn

EEDCEgypt collected approximately $19.3bn on the first day of the Economic Summit in Sharm El-Sheikh Friday, of which $12.5bn came as support from Saudi Arabia, Kuwait, Oman and the UAE.

A total of $6.065bn came from Egyptian, Arab and foreign companies, in addition to $751m coming in as grants and loans from international organisations and foreign donor countries.

Gulf countries pledge assistance to Egypt  (Photo by Ahmed El-Malky )
Gulf countries pledge assistance to Egypt
(Photo by Ahmed El-Malky )

Approximately 100 companies were represented at the Summit, including 30 countries on the presidential level, while approximately 25 regional and international organisations participated in the Summit.

Furthermore, approximately 2,500 participants and 775 companies attended the Summit.

Saudi Arabian Crown Prince Muqrin bin Abdul Aziz Prince Muqrin said in a speech at the Summit on Friday that his country will contribute $4bn to Egypt. Of this amount, a total of $1bn is to be deposited in the Central Bank of Egypt (CBE).

Prince Muqrin added that the rest of the sum will be distributed as development assistance through the Saudi Fund for Development, and financing Saudi exports to Egypt through the Saudi exports programme. This comes in addition to investments in various projects with the Saudi and Egyptian private sector and international investors.

Prince Muqrin noted that Saudi Arabia provided financial aid and petroleum grants during the last period in support of the efforts of the Egyptian government to promote the recovery of the economy.

For his part, Saudi businessman Mohammed Al-Turki announced the pumping in of investments worth $3bn in the Egyptian solar energy sector during the upcoming period.

Saudi Arabia is the foremost Arab investor in Egypt, with investments until January 2014 reaching approximately $23bn, according to the Egyptian-Saudi Business Council.

Kuwait is the second most important foreign investor in Egypt, according to Kuwaiti Emir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, who announced a package of $4bn from Kuwait. This will be invested in various economic fields, and of which $2bn will be deposited in the CBE.

Al-Sabah added that the newly-issued New Investment Law reflects the efforts of the Egyptian government, noting that recent economic reforms in Egypt are “positive” for investors.

Kuwaiti investments in Egypt run to approximately $15bn, with the trade exchange between Egypt and Kuwait at approximately $3.5bn in the petroleum sector.

Following in the same footsteps, UAE Prime Minister Sheikh Mohammed bin Rashed Al-Maktoum has also pledged $4bn to Egypt, with a $2bn deposit in CBE. The remaining $2bn is to be invested in activating the Egyptian economy through a variety of initiatives that will be announced later, Al-Maktoum said.

The UAE comes in third place on the map of Arab investment in Egypt, with a total of $14bn, according to Al-Maktoum.

Meanwhile, Oman has pledged Egypt $250m in grants over five years, along with $250m in investments. Omani investments in Egypt are valued at $80m, and trade between the two countries amounted to $100m, according to Oman’s Ambassador in Cairo Khalifa bin Ali bin Isa Al-Harthy.

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