UAE pledges $4b in aid to support Egypt economy

Cairo: The UAE has pledged to provide $4 billion (Dh14.7 billion) in aid for Egypt to prop up its economy.

Under the directives of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ordered offering the aid to Egypt, WAM reported.

Half the sum will be invested in development projects and the rest will be deposited in the Egyptian Central Bank to support the country’s currency reserves. “This support comes within cooperation and strategic coordination between the two countries,” WAM said in its report.

“It emanates from the UAE’s unwavering stance in supporting Egypt and its people to consolidate the drive of building and development as well as in appreciation for its pivotal role in the region.”

Shaikh Mohammad arrived in Egypt on Thursday and held talks with Egyptian President Abdul Fattah Al Sissi on enhancing bilateral ties and regional  developments. Presidential spokesman Alaa Yusuf said that Al Sissi praised the “admirable” UAE stances in support of Egypt.