UAE allocates $4 bn in support to Egypt

The UAE has pledged $4 bn in support of Egypt, of which $2 billion will be allocated for investment in a number developmental fields in Egypt, while the other $2 billion will be deposited at the Central Bank of Egypt to support the Egyptian cash reserve.

The move follows the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and orders of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the conclusion of his visit to the Arab Republic of Egypt.

This support comes in the framework of strategic co-operation and co-ordination between the two countries. It also stems from the UAE’s firm stand in support of Egypt and its people to promote the reconstruction and development process, as well as in recognition of the pivotal role of Egypt in the region.

Sheikh Mohamed bin Zayed reiterated the UAE's support to Egypt and its people, to achieve their aspirations in the stability and development, noting that Egypt is a pillar of stability and a safety valve for the region given its strategic and security weight, and its leading role in the region.

Source :WAM