Volume of Gulf investments in Egypt at $50b , says minister | GulfNews.com

Volume of Gulf investments in Egypt at $50b , says minister | GulfNews.com:

"The volume of Gulf Cooperation Council (GCC) investments in Egypt has reached $50 billion while European investments reached $45 billion, according to Dr. Ashraf Al Arabi, Egyptian Minister of Planning and International Cooperation.
He said on Thursday in an interview that the International Monetary Fund (IMF) loan to Egypt is not on the government’s current agenda. He further explained that the backing of the UAE, Saudi Arabia, and Kuwait has resulted in the Egyptian government’s non-interest in receiving a loan from the IMF.
According to Al Arabi, Egypt needs to attract annual foreign investments of $50 billion to step up the Egyptian economy and 850,000 annual job opportunities to absorb the labour market, which is the biggest challenge facing the government."

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