UAE earmarks $4bln to support Egypt's economy

The United Arab Emirates (UAE) government said Friday it has pledged four billion US dollars in support of Egypt, the state news agency WAM reported.

Two million dollars will be invested in concrete economic projects in the most populous Arab country, and the rest two million will provide liquidity to Egypt's central bank, the report said.

"This move 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," the report added.

Crown Prince of Abu Dhabi Sheikh Mohamed Bin Zayed reiterated that Egypt is a pillar of stability and a safety valve for the region given its strategic and security weight.

Earlier this month, the international monetary fund (IMF) said its growth forecast for Egypt's gross domestic product for 2016 stands at 3.3 percent, down from the 4.2 percent last year.

The IMF also expects unemployment in the country, with approximately 93 million people, to rise to 13 percent this year, up from the 12.9 percent in 2015.

The UAE is a staunch ally of the Egyptian government under President Abdel Fattah El-Sisi.