Egypt: Received $7bn so far from Gulf countries

Egypt has received USD seven billion out of 12 billion that were pledged by Arab Gulf countries, Egyptian central bank governor Hesham Ramez said Sunday. He said Egypt received USD three billion from the United Arab Emirates (UAE), and USD two billion from each of Saudi Arabia and Kuwait. Ramez was speaking to reporters following meeting of the council of governors of Arab central banks and monetary institutions. Lebanese central bank governor Riyadh Salama, who chaired the Council meeting, said economic stability was a major element to addressing problems of developing countries. Arab countries need to foster cooperation and coordination to tackle the current economic challenges, he addressed the meeting, noting that global economy would grow by 2.2 percent this year and around three percent in the coming two years. Growth of economies of the developing countries might represent 5.1 percent of global economic growth this year, he said