Dubai: The UAE and Egypt on Saturday signed an agreement to support the Egyptian development programme under which the UAE will give Egypt a $4.9 billion (Dh17.9 billion), to help it implement a number of projects, develop service sectors, and improve the living conditions and human development of the Egyptian people.
The signing ceremony was attended by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, and Egypt’s Interim Prime Minister Hazeem Al Beblawi, attended the signing ceremony at the Emirate Palace.
The agreement was signed by Dr Sultan Ahmad Al Jaber, Minister of State, and Dr Ziad Ahmad Baha Al Deen, Deputy Prime Minister and Minister of International Cooperation.
The $4.9 billion package includes a grant of $1 billion which was transferred to Egypt in July, and also the allocation of more than $1 billion to provide Egypt with its fuel needs, so as to ensure the normal functioning of economy, industry, trade and transport. The remaining amount will be allocated to implement a host of development projects covering various vital sectors.
The package underlines the UAE’s commitment towards Egypt and its people at this significant stage and helps it overcome the current challenges and ensure stability and security.
The UAE aims through this package to support Egypt in its path towards development and enable it to play its leading role at Arab and international level.
The UAE initiative aims to boost the Egyptian economy and enhance social stability through the implementation of development-related projects in the sectors of energy, healthcare, education, food, transport and housing.
