Egypt, Qatar intensify coordination as Gaza crisis worsens    Egypt prepares governmental talks with Germany to boost economic cooperation    Arabia Developments, ElSewedy join forces to launch industrial zone in New 6th of October City    Egypt, US's Merit explore local production of medical supplies, export expansion    Egypt, WHO discuss joint plans to support crisis-affected health sectors    IWG accelerates Egypt expansion, plans 30 new flexible workspace centres in 2026    Grand Egyptian Museum fuels hospitality, real estate expansion in West Cairo    400 children with disabilities take part in 'Their Right to Joy' marathon    Egypt touts North Coast as investment magnet after $29.7b Qatar deal – FinMin    URGENT: Egypt's net FX reserves hit $50b in October – CBE    Egypt's Foreign Minister discusses Gaza, Sudan with Russian counterpart    Russia's Putin appoints new deputy defence minister in security shake-up    UNESCO General Conference elects Egypt's El-Enany, first Arab to lead body    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt, Albania discuss expanding healthcare cooperation    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt, Medipha sign MoU to expand pharmaceutical compounding, therapeutic nutrition    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Syria releases preliminary results of first post-Assad parliament vote    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.