Abu Dhabi: The Abu Dhabi Fund for Development (ADFD), the UAE’s international development arm, said on Wednesday it has made a deposit of $1 billion (Dh3.67 billion) in the Central Bank of Egypt for a period of six years.
The Fund said in a statement that the deposit “is to support the economic challenge in Egypt and is crucial in enabling future economic growth in the country in the coming years.”
The deposit comes just two days after the UAE offered to help Egypt meet the requirements for the $12 billion loan that the North African country made earlier with the International Monetary Fund (IMF).
Egypt had secured an initial agreement with the IMF, but the lender’s executive board said it will not consider the loans before Egypt secures commitments of as much as $6 billion from bilateral creditors, Bloomberg reported.
The agreement between the UAE and Egypt was signed between Mohammad Al Suwaidi, director general of ADFD, and Tarek Amer, governor of the Central Bank of Egypt.
“[The deposit] demonstrates the UAE’s commitment to support our long-term partners, ensuring their economic growth and stability, and is a landmark agreement which will make an immediate difference to the Egyptian economic system,” Al Suwaidi stated.
