Extra UAE aid to Egypt 'non-refundable grant'

The assistance will be used to buy petroleum products worth some $1 billion and establish development projects in Egypt worth some $2.9 billion, Shawqi said.

Extra UAE aid to Egypt 'non-refundable grant'

Additional financial aid recently offered to Egypt by the United Arab Emirates (UAE) will be in the form of a non-refundable grant, an Egyptian government spokesman said Tuesday.

During a visit by Egyptian interim Prime Minister Hazem al-Beblawi to Abu Dhabi earlier this week, the UAE announced it would provide Egypt with an additional $3.9 billion in aid.

The move has brought the total amount pledged by the Gulf nation since the July 3 ouster of elected President Mohamed Morsi to $6.9 billion.

The additional funds will come in the form of "a non-refundable grant from the people of the UAE to the Egyptians" and will not involve any deposits or loans to the Central Bank of Egypt, government spokesman Sherif Shawqi told Anadolu Agency.

The assistance will be used to buy petroleum products worth some $1 billion and establish development projects in Egypt worth some $2.9 billion, he added.

Following the Egyptian army's ouster of Morsi – who hails from Egypt's Muslim Brotherhood – Saudi Arabia, the UAE and Kuwait all immediately pledged to provide the country with a combined total of $12 billion in financial assistance.

On Monday, a high-level Finance Ministry official told AA that the Egyptian government was currently in talks with both Riyadh and Kuwait City in hopes of securing fresh aid packages.

AA

Last Mod: 29 Ekim 2013, 15:50
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