Egypt Said to Plan Talks With Gulf Arab Allies for More Aid - Bloomberg Business

Egypt Said to Plan Talks With Gulf Arab Allies for More Aid - Bloomberg Business:

"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.
The three Gulf Arab monarchies have provided tens of billions of dollars to support the Egyptian economy since the 2013 army-led ouster of Islamist President Mohamed Mursi after mass protests against his one-year rule. Fresh funds would provide crucial dollars needed for businesses to import capital goods and raw materials, and help authorities avoid an uncontrolled currency devaluation."



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