– ‘Cornerstone of stability’ –
Sisi, who has positioned himself as a bulwark against jihadists, said investing in the Arab world’s most populous country would help stabilise the entire region.
Egypt’s stability “is a cornerstone in regional stability,” he told the conference in the Red Sea resort of Sharm el-Sheikh.
Arab states pledged $12 billion in investment aid but the United States came empty handed, with Secretary of State John Kerry only affirming that Washington stood beside Egypt as it seeks to recover from years of turmoil.
A visibly irritated Kerry, who was slotted as the 15th speaker at the opening session, promised Washington’s “full commitment” for the security and prosperity of Egyptians, which he said they “desire and deserve.”
Kuwait, the United Arab Emirates and Saudi Arabia pledged $4 billion each. Most of the funds will be invested in projects while $3 billion will be deposited in Egypt’s Central Bank.
Kerry, who earlier met Sisi and the leaders of Jordan and the Palestinian Authority, told businessmen that Washington was “eager and ready and willing” to help Egypt’s economic development.
But a US diplomat travelling with him said there had been “no decision” on freeing up $650 million in military aid frozen during the height of a crackdown on Sisi’s Islamist opponents that left hundreds dead.
Washington had released some of the aid, including the delivery of Apache helicopters Egypt says are important for its fight against Islamist insurgents in the Sinai Peninsula.
