Member states of the Gulf Cooperation Council (GCC) are not expected to provide Egypt with additional aid during FY15/16, according to a government official, Al Masry Al Youm report Sunday.
The Egyptian government has not yet received the USD6bn in investments promised by the GCC during the Egypt Economic Development Conference (EEDC) due to (1) the government failing to plan so far for the investment allocation of that aid and (2) a delay in issuing the executive regulations for the new investment law.
The Egyptian government received aid from Gulf Countries $ 2.4 bn ($ 1.4 bn in-kind grants and $ 1 bn cash grant) during H1-FY14/15, compared to $10.7 bn (US$ 6 billion deposits, $ 1 bn cash grant and $ 3.7 bn in-kind grants) during the same period last year, according to finance ministry report.
