Egypt fast-tracks recycling plant to turn Suez Canal into 'green canal'    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE allocates $4 bln to Egypt; to c.bank and investments: Reports
Amwal Al Ghad Published in Amwal Al Ghad on 23 - 04 - 2016

The United Arab Emirates has pledged $4 billion to Egypt, half as a deposit in the central bank and the other half in investments in developmental projects, the Emirati news agency WAM reported on Friday.
Egypt's foreign currency reserves stood at $16.5 billion in March, less than half of the $36 billion it registered before the 2011 revolution, which was followed by political and security unrest that spooked investors and tourists, the main sources of foreign currency.
The UAE deposit at the central bank aims to support Egypt's foreign currency reserves, according to WAM.
Egypt reportedly recieved $6 billion in central bank deposits from the three Gulf countries in April 2015, which were pledged during the Economic Development Conference in Sharm El-Sheikh, the then-central bank governor Hisham Ramez told Reuters.
However, it is unclear whether the above mentioned allocation, announced by the UAE on Friday, refers to the same pledge made in Sharm El-Sheikh in March 2015. Central bank officials were not immediately available for comment.
Along with Saud Arabia and Kuwait, the UAE has emerged as one of Egypt's main backers following the 2013 ouster of Islamist president Mohamed Morsi, providing Cairo with more than $30 billion in aid.
Egypt might also recieve a $3 billion dollar deposit from Saudi Arabia soon, according to local media reports that are yet to be confirmed by the central bank.
Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan arrived in Cairo on Thursday for a short visit to meet Egyptian President Abdel-Fattah al-Sisi.
The two officials went on a tour on Friday of a number of projects related to the new administrative capital due to be built east of Cairo. The new capital, which is part of al-Sisi's plan to boost the economy through a series of mega-projects, is estimated to cost $45 billion.
The visit included talks on strengthening bilateral relations and international issues of mutual interest.
Egypt and the UAE have been conducting a joint military drill in the Gulf country's waters aimed at boosting military cooperation between the two Arab states, with the latest exercise starting last week.
source:Ahram Online

Clic here to read the story from its source.