The United Arab Emirates pledged USD 4 billion to Egypt to help boost the country’s economy, the Emirates’ state news agency WAM reported on Friday. “The aid comes in the framework of strategic cooperation and coordination between the two countries, out of the USE’s firm supportive position toward Egypt and its brotherly people to promote the construction and development process and out of recognition of Egypt’s pivotal role in the region,” WAM said. The report did not clarify whether the pledge referred to a previous offer from the UAE to give Egypt the same amount, which was announced at Egypt’s Economic Development Conference, held in Sharm El Sheikh last year. Emirati Crown Prince Sheikh Mohammed bin Zayed al-Nahayan had arrived in Cairo on Thursday for a brief visit, during which he and Egyptian President Abdel Fattah Al-Sisi toured several projects related to the “new capital city,” a mega-project estimated to cost USD 45 billion. The deposit in Egypt’s Central Bank is aiming to support the country’s foreign reserves, which have been depleted since the 2011 uprising the toppled former president Hosni Mubarak. Egypt’s foreign reserves reached USD 16.5 billion, down…
UAE Pledges $4 Billion to Support Egypt’s Economy, Central Bank
April 23, 2016
