CAIRO, Mar 2 (Aswat Masriya) - Egypt's Investment Minister Ashraf Salman said on Monday that the amount of aid provided by Gulf Cooperation Council countries recently is around 23 billion dollars (nearly 175.5 billion Egyptian pounds). 

Salman was cited by state-run news agency MENA as saying that "this Gulf aid to Egypt was useful and important" for Egypt's success in completing the "democratic transition".

He asserted that Egyptian-Gulf ties are not just based on "support", but are based on "sustainability" and "continuity".  

The minister made the remarks during a conference in Dubai hosted by the Egypt-based major investment bank EFG Hermes Holdings, in which up to 450 investors from 200 companies took part. 

Nearly half of the aid provided to Egypt has been supplied by three countries. Following the power shift Egypt witnessed in July 2013, together, Saudi Arabia, the United Arab Emirates and Kuwait provided Egypt with a combined sum of $12 dollars (around 91 Egyptian pounds), in grants, deposits at the central bank and petroleum products.   

These three countries alongside Oman, Qatar and Bahrain make up the Gulf Cooperation Council. 

Salman said the aid was used to improve the investment climate and rebuild the economy, adding that he expects Gulf aid to Egypt to continue in the upcoming period. 

The Egyptian government is trying to attract investments and is holding a major economic conference, running from March 13 to 15, with hopes that it will bring in investments. 

Earlier today Salman had said he expects Egypt to land investments worth $8 billion (over 60 billion Egyptian pounds) within this fiscal year, which ends on June 30.