UAE offers $1 billion deposit to Egypt for six years

The deposit comes out of the UAE's unwavering stand in support of Egypt, according to WAM. (Reuters)

The UAE has offered a financial deposit worth US$1 billion to the Arab Republic of Egypt at the Central Bank of Egypt for a period of 6 years, according to UAE state run news agency WAM.

The deal was signed by Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD) and Tarek Amer, Governor of the Central Bank of Egypt.

This support comes within the framework of strategic co-operation and co-ordination between the two countries, and out of the UAE's unwavering stand in support of Egypt and its people to promote the development process, as well as the recognition of Egypt's central role in the region.

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Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48
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