Ambassador Gamal al-Bayoumy, head of the Union of Arab Investors, said that more Arab aid to Egypt is helpful, he stressed that the country must complete a series of reforms to encourage investment.
Supporting Egypt with US$20 billion from Gulf countries is a good step, he said, but Egypt needs investment, not aid. “Foreign aid cannot build an economy,” he said, adding that all the foreign aid that Egypt received from the United States and Europe was no more than 7 per thousand of GDP.
Bayoumy stressed the need to create a climate that can attract investments by solving the problems investors face, pointing to Arab investors Hussain Sajwani who was sentenced to prison and Alwaleed Bin Talal whose project in Toschka was withdrawn from him. “Laws that allow the imprisonment of investors should be amended,” he said.
He said using Arab aid in bridging the budget deficit is not good enough. “It should be directed to small and medium enterprises in order to reduce unemployment,” he advised.
“Still, the Egyptian economy has all potential to become strong,” he said.
Arab nations have rushed to show their support for the new government. The Saudi monarch greeted Abdel Fattah al-Sisi before he was sworn in, albeit contrary to diplomatic protocols.
“The stability of Egypt reflects on the rest of the Arab countries,” he said, urging Sisi to mention in his speeches that he would work on turning Egypt into a shield of the Arab nation and world peace.
Edited translation from Al-Masry Al-Youm
