U.A.E. offers $5 bln aid to Egypt
2013-10-28 17:02:46
The United Arab Emirates on Saturday offered nearly $5 billion to fund development projects in Egypt, the U.A.E's official news agency reported.
The two countries signed the deal during a visit Egyptian Prime Minister Hazem El Beblawi to Abu Dhabi.
About $1 billion would go to meet Egypt's fuel and hydrocarbon needs. The country will use the remaining aid to finance projects including grain storage units and health-care centers.
The UAE previously deposited $2 billion interest-free loan in Egypt's central bank, which is not included in this package. The Egyptian central bank has received billions in aid from the U.A.E. and Saudi Arabia after the elected civilian President Mohamed Morsi was deposed.