UAE to Shower Egypt with Additional $2 bln in Deposits, Grants

Mohammed Bin Zayed Al-Nahyan, the crown prince of Abu Dhabi, has pledged an additional $2 billion aid comprising deposits and grants to support Egypt, Al-Ahram’s Arabic-language news website reported on Monday.

Al-Ahram has quoted anonymous sources in Egypt’s Cabinet as saying that the Emirate’s prince vowed to support the country in several fields through making new investments in the domestic market.

Al-Nahyan, who is also the deputy supreme commander of the UAE Armed Forces, arrived in Cairo on Sunday to discuss ways of supporting Egypt with the interim figures after the 30 June uprising that led to the ouster of Islamist president Mohamed Morsi.

Egypt’s Central Bank (CBE) said in July that it received $3 billion in aid from UAE, part of the $12 billion pledged by Gulf Arab states after Morsi’s removal.

The UAE has also sent seven shipments of fuel worth $225 million in the same month.

Source: Ahram Online