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$US 12 Billion Investment For Egypt From UAE, Saudi Arabia and Kuwait

$US 12 Billion Investment For Egypt From UAE, Saudi Arabia and Kuwait

The United Arab Emirates, Saudi Arabia and Kuwait have pledged $US 4 billion each for Egypt at Egypt’s Economic Development Conference held at Sharm El-Sheikh.

According to Saudi Arabia’s Crown Prince, $US 3 billion will be sent for investment projects, while $US 1 billion will be deposited in Egypt’s Central Bank. The UAE similarly announced that $US 2 billion would be used to stimulate the economy, while the other $US 2 billion would be deposited in the Central Bank.

The conference, held to boost foreign investment to restore Egypt’s economy, has attracted delegations from the United States, the United Kingdom, the European Union, Russia, United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Japan, China, India and more.

Among those in attendance are the US Secretary of State John Kerry, Palestinian President Mahmoud Abbas, Jordanian King Abdullah II, the United Kingdom’s Foreign Secretary Philip Hammond, Ethiopia’s Prime Minister Desalegn, Sudan’s President Omar Al-Bashir and other high level officials.

The conference will see 2,000 delegates from 112 countries come to Sharm El-Sheikh amid tight security.

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