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UAE pledges $4 bln to Egypt

The United Arabic Emirates has pledged $4 bln to Egypt, half of it in investment and half as a central bank deposit to support cash reserves

Published: Updated:

The United Arabic Emirates has pledged $4 bln to Egypt, half of it in investment and half as a central bank deposit to support cash reserves, the UAE state news agency WAM reported on Friday.

The report appeared to be referring to a previously announced UAE offer to give Egypt $4 bln, which was made at a conference in Sharm El-Sheikh last year with other Gulf states.

WAM said on Friday the pledge came during a visit to Egypt of Abu Dhabi’s crown prince, Sheikh Mohammed bin Zayed al-Nahayan, on behalf of the UAE’s president.