Gulf Aid to Egypt hit US$23 billion – Minister

Egypt has received total grants worth US$23 billion from the Gulf Cooperation Council’s (GCC) countries, Egyptian minister of investment said on Monday.
Minister Ashraf Salman, speaking at a two-day business conference in Dubai organized by EFG Hermes, added that the Gulf states had also given political support for Egypt in its recent political changes the North African country went through.

Salman emphasized that Gulf support was important for Egypt to complete its political transition, asserting that Egypt’s relations with Gulf states are based on continuity, sustainability, as well as common history and future.

Moreover, the minister clarified that Egypt benefited from the Gulf support in improving its investment climate and rebuilding national economy. Egypt relies on attracting direct foreign investments to control inflation rates and create more job opportunities.