Egypt gets GCC lift but debt questions mount
Pledges of $12bn in aid to Egypt from Saudi Arabia, Kuwait and the United Arab Emirates this week gave the country a boost amid the upheaval of its military coup. But while the support adds confidence in the short term that approaching debt maturities can be met, it has also heightened investor concerns about Egypt’s overall indebtedness.
Saudi Arabia pledged a $2bn deposit at the Central Bank of Egypt, energy products worth $2bn and also granted $1bn in cash. The UAE will grant Egypt another $1bn and deposit $2bn at the CBE, while Kuwait offered a similar package to the UAE along with $1bn more