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Egypt to receive $30 billion in aid

February 5, 2014 at 2:04 am

Egypt’s interim Prime Minister Hazem Beblawi has revealed that some “sisterly” countries have pledged an additional aid package worth $30 billion to his government. Details of the payment dates were not provided.

Beblawi told Egyptian state television on Monday that it is essential to restore security and to improve the infrastructure in order to achieve economic growth and restore lost investments. He stressed that economic progress “must be accompanied by social justice”.

Commenting on the financial aid which some Gulf countries have provided, the prime minister said that although it will help Egypt to make up for some of its lost resources during the past three years, it will not build Egypt. “Only Egyptians can build their country,” he insisted. “Economic growth requires community participation and as long as the government provides the right conditions to work, the citizens are required to work harder.” The government, added Beblawi, has taken several steps the benefits of which will be felt by the people of Egypt. “In particular, the introduction of a minimum wage will help to raise the standard of living for millions of families.”

Noting that his government has designed an urgent plan to stimulate investment, Beblawi said that it is worth 22 billion Egyptian pounds ($3.2 billion) and will be raised to 29 billion. “This will be used to implement urgent projects to achieve development in various economic fields, especially the service sector,” he said.