Saudi Arabia, Kuwait, the United Arab Emirates and Oman on Friday pledged a combined $12.5 billion in aid to stimulate the Egyptian economy during an investment summit held in the Red Sea resort of Sharm el-Sheikh.
Saudi Arabia, Kuwait and the UAE, which backed the Sisi-led army overthrow of Islamist President Mohamed Mursi in July 2013 following mass unrest against his rule, have kept Egypt’s economy afloat since then with $23 billion in oil shipments, cash grants and central bank deposits.
The government targets a budget deficit of 10 percent of gross domestic product by 2018/19, down from 15 percent last year. Unemployment, currently around 13 percent, is also a major
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Source News: Al Arabiya News