Saudis, Kuwait, UAE pledge $12bn to Egyptian economy

Saudi Arabia, Kuwait and the United Arab Emirates Friday pledged to invest $4 bn each to boost the Egyptian economy at the two-day Economic Development Conference which opened at Sharm el-Sheikh Friday. Cairo presented 60 projects hoping to draw $10-15 bn in foreign investment. Among the projects was the model of a planned new capital. President Abdel Fattah El-Sisi said in his address that "Egypt has and will always be the first line of defense against the dangers faced by the region.”

US Secretary of State John Kerry reported that US companies had invested $2bn in Egypt last year. But he had no news about the release of US military aid President El-Sisi has requested from Washington for combating terror. Kerry also was aslo meeting Friday with Palestinian President Mahmoud Abbas and Jordan's King Abdullah II.From Egypt, he will travel to Switzerland Sunday for another round of nuclear talks with Iran.