A senior source at the Egyptian interim government said that Gulf countries are planning to channel huge investments into the development projects that would be included in the electoral program of the Minister of Defence and military coup leader Abdel Fattah Al-Sisi.
The source added, in statements to Al-Arab AlYoum website, that Saudi Arabia, the United Arab Emirates and Kuwait have decided to support Egypt by investing in three major national projects that would represent a challenge to the new leadership. These projects, according to the source, would help Egypt overcome its economic and housing problems, and would achieve a new development leap for Egypt. The investments would require huge funding, as high as $160 billion. “Gulf support”, the source said, “is therefore equivalent to the Marshall Plan, aimed at rescuing Egyptian economy and supporting Egypt’s future endeavors.”
The three Gulf countries have been briefed on the major projects, the source added. The projects are the Suez Canal Corridor, and the Development Corridor, for which Dr Farouk Al-Baz conducted preliminary research, and the Qattara Depression project. The three Gulf countries, said the source, have decided to fund the Egyptian government in the coming phase if Abdel-Fattah Al-Sisi wins the presidential elections. The support would be divided into four installments over four years, he added.