Gulf States Ready To Invest In Egypt State ProjectsSource: www.export-egypt.com 10/8/2013, Location: Africa |
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Cairo is hoping to start announcing details of its investment programme for this fiscal year later this month and Gulf Arab countries have agreed to provide additional financial support, a senior minister said.
Ziad Bahaa el-Din, deputy prime minister for economic affairs, did not say how much Saudi Arabia, Kuwait and the United Arab Emirates would contribute but it would be in addition to the $12 billion that they agreed to give Cairo in aid after the army ousted Islamist president Mohamed Morsi on July 3. Egypt's cabinet has flagged a 120 billion Egyptian pound investment programme for the fiscal year through June 2014. "Discussions with the Emiratis have been going on for some time, and the final programme has not yet been announced due to the caution on both sides to make promises that have not been fully worked out," Bahaa el-Din told Reuters. "I am hoping that we will announce at least the first package of projects soon," he said. "It will be soon, it could be within days." |
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