Egyptian Prime Minister Ibrahim Mehleb announced that the US$6 billion in aid from the Gulf Cooperation Council (GCC) will be deposited at the Central Bank of Egypt (CBE) within days, according to Al-Masry Al-Youm.
During the opening ceremony of the three-day Egypt Economic Development Conference held in Sharm el-Sheikh in March, Saudi Arabia, Kuwait and the UAE pledged a total of $12.5 billion in economic assistance to the country.
The financial package includes a combination of aid and investment: the UAE pledged $2 billion in deposits to the Central Bank of Egypt (CBE) and an additional $2 billion in investments; Saudi Arabia promised to make $3 billion worth of investments and add a further $1billion to the CBE; and Kuwait brought the total assistance received from the Gulf to $12 billion by promising $4 billion worth of investments. Oman also pledged $500 million, half in aid and half as an investment, over the next five years, according to an Oxford Business Group report.
The governor of the Central Bank of Egypt, Hisham Ramez, recently confirmed that the CBE is negotiating with the donor countries for a 0 percent interest rate for the loans, as well as a deadline for reimbursment.
Egypt's foreign currency reserves rose slightly in February, recording $15.45 billion, compared to $15.42 billion in January.
