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UAE offers $3 billion aid deal to Egypt - WAM.

UAE President Sheikh Khalifa bin Zayed Al Nahyan held a meeting Monday with visiting Egyptian Prime Minister Essam Sharaf at his palace in Al Ain, according to the agency. It marked Sharaf's first visit to the Gulf Arab state since an uprising ousted former President Hosni Mubarak in February.

Deputy UAE Prime Minister Sheikh Mansour bin Zayed al-Nahayan told WAM, "It was decided to set up the Khalifa bin Zayed Fund to support medium and small projects in the Arab Republic of Egypt to the value of $1.5 billion, with the aim of creating job opportunities for Egyptian youth."

Sheikh Khalifa also ordered the allocation of $750 million for infrastructure and housing projects for youths and another $750 million in soft loans for other projects, the agency said.

Egypt secured a $3 billion financial package from the International Monetary Fund in June to shore up its finances after February's protests scared off investors and tourists, hurting the country's economy.

The World Bank had said it would offer $4.5 billion over the next 24 months, including $1 billion to help cover next year's budget shortfall. The plan is now under review after Cairo said it no longer wanted the IMF funds.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:7EGYP
Date:Jul 5, 2011
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