Egypt Search for New Investors Starts With Aid From Old Ones
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Gulf Arab nations pledged more than $12 billion of new funds for Egypt, maintaining their status as the struggling economy’s key backers.
The pledges were announced Friday on the first day of an investor conference that aims to make the North African country less dependent on Gulf aid. Saudi Arabia, Kuwait and the United Arab Emirates each pledged $4 billion of grants or investment, including a total of $3 billion of deposits in Egypt’s central bank. Oman promised $500 million.