• 23:24
  • Monday ,01 June 2015
العربية

Mahlab to meet Gulf officials to discuss investment of pledged aid

By-thecairopost

Home News

00:06

Monday ,01 June 2015

Mahlab to meet Gulf officials to discuss investment of pledged aid

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.)”