UAE earmarks $4 bn for supporting Egypt's investments, monetary reserves

UAE has allocated 4 billion dollars to support Egypt’s economy according to the directives of UAE President Khalifa bin Zayid Al Nuhyyan, the UAE news agency said.

At the end of a two-day visit of Abu Dhabi’s Crown Prince and UAE Deputy Supreme Commander of the Armed Forces Mohammad bin Zayid Al-Nuhyyan to Egypt on Friday, the UAE channeled 2 billion dollars for investments in different developmental areas in Egypt, and the rest will be put down as a deposit in the Central Bank of Egypt to support the monetary reserves.

This comes as part of the strategic cooperation and coordination between the two countries, the UAE news agency said.

The crown prince stressed the UAE’s firm stand for supporting Egypt and its people to realize sustainable development.

He underlined his country’s staunch support to the stability and development of Egypt, as a pillar of stability for the whole region.