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Egypt is receiving a flood of cash from its Gulf backers: $12.5bn was pledged at last month’s conference alone. Ratings agency Moody’s has edged Egypt’s sovereign rating one notch higher. But the country’s ailing economy still has a long way to go.
Since Egypt’s army strongman ‘Abd al-Fattah al-Sisi took power in July 2013, and assumed the presidency a year later, his key unswerving backers have been the Gulf monarchies of Saudi Arabia, Kuwait and the UAE.
At last month’s ‘Egypt the Future’ investment/donor conference in Sharm al-Shaikh the three countries pledged $4bn a piece in official aid and investment and fellow GCC member Oman chipped in a further $500mn. Even before this, the three key backers have already made large foreign currency deposits of more than $12bn in the Central Bank of Egypt (CBE) since July 2013.
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