International News

Breaking News

UAE gives Egypt $4bn to support cash reserves

BBC
UEA President, Sheikh Khalifa bin Zayed al-Nahayan
UEA President, Sheikh Khalifa bin Zayed al-Nahayan

MONROVIA, LIBERIA-The United Arab Emirates has allocated $4 billion to Egypt to support the country’s cash reserves.


The BBC quotes the UAE State News Agency, WAM, as saying half of money is in investment and the remaining half a central bank deposit.


The report appeared to be referring to a previously announced UAE offer to give Egypt $4 billion, a pledge made by the UAE at a conference in Sharm El-Sheikh in 2015, along with pledges from other Gulf Arab states.


Egypt has struggled to spur economic growth since its 2011 uprising that ushered in political instability and scared off tourists and foreign investors, as well as key sources of foreign currency.


Details of the UAE aid allocation came at the end of a visit of Abu Dhabi's crown prince, Sheikh Mohammed bin Zayed al-Nahayan, to Egypt Friday.


He said the aid, authorized by UAE President, Sheikh Khalifa bin Zayed al-Nahayan, showed that the UAE was firm in its support to Egypt.
“The money is aimed at promoting development in Egypt, a country that plays "pivotal role" in the region,” WAM also quoted Sheikh Mohammed as saying.


Earlier April, Egypt and Saudi Arabia signed a pact to set up a 60 billion Saudi riyal investment fund.


At the Sharm El-Sheikh conference in March 2015, Kuwait and Saudi Arabia each also offered $4 billion to Egypt.


 

 


Copyright 2012 Mylbsonline.com All Rights Reserved.