Four Gulf states offer financial aid to Egypt worth $12.5 billion

(IraqiNews.com) In the economic summit “Egypt is the Future” held in Sharm el-Sheikh, Saudi Arabia, UAE, Kuwait and Oman announced on Friday that they would provide an aid package of 12.5 billion dollars to Egypt.

Price of Kuwait Sabah al-Ahmad al-Sabah announced that his country had decided to pump four billion dollars to support the Egyptian economy.

Sabah said in a speech during the summit that his country “supports Egyptian economy unlimitedly,” noting that, “The summit will be held under strict conditions experienced by the region.”

For his part, the Saudi Prince Sultan bin Abdul Aziz said in his speech, “I am pleased to announce a package of aid amounting to four billion dollars, including a deposit of one billion dollars in the Central Bank and the rest is for development.”

He added, “The aim is to develop the Egyptian economy on the path of sustainable development. The summit will contribute to the support of Egypt and achieve sustainable growth and development.”

In addition, the Vice President of the UAE Mohammed bin Rashid Al Maktoum offered additional support to Egypt worth four billion dollars.