UAE Has No Plans for More Financial Aid to Egypt for Now

UAE’s Finance Minister Sheikh Hamdan bin Rashid Al-Maktoum said on Thursday the UAE, a major donor to Egypt since the army removed former president Mohamed Morsi from power, has no plans at present to step up its financial aid, according to Reuters.

Al-Maktoum, who is also the deputy ruler of Dubai, told reporters aboard his royal yacht Al Fahedi: “We are talking about support (for Egypt).” Asked whether there were plans for more financial aid, he said: “No plans for now.”
The United Arab Emirates, Saudi Arabia and Kuwait promised more than $12 billion in loans and donations to support the Egyptian economy after Morsi’s removal in July last year.

Earlier this month the head of Egypt’s national oil company said Gulf oil producers had given Egypt a free fuel lifeline worth a total $6 billion to help fend off unrest on its streets in the summer when consumption soars.