Egypt Said to Plan Talks With Gulf Arab Allies for More Aid
- Saudi Arabia, U.A.E., Kuwait are main backers of Egypt
- Talks to focus on investments, FX support, development aid
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Egyptian authorities plan to hold talks with Saudi Arabia, Kuwait and the United Arab Emirates to secure more aid and investments, a government official said, as the country seeks to ease a dollar crunch threatening to derail its nascent economic recovery.
The planned talks will focus on “areas of cooperation” including investments, development aid and possible foreign-exchange deposits at the central bank, as well the supply of oil and non-oil products, according to the official, who asked not to be named to discuss the plan. The official didn’t say when the talks will start or how much Egypt aims to secure.