The United Arabic Emirates has allocated $4b to Egypt to boost country’s economy, the UAE state news agency WAM informed, reported Al Bawaba.
According to previous reports by The New York Times, Sheikh Khalifa bin Zayed Al Nahyan had ordered $2b of investment in Egypt, while additional $2b is to be deposited in the Egyptian Central Bank to increase Egypt’s foreign reserves.
The announcement came a day after Abu Dhabi’s Crown Prince Mohammed bin Zayed Al Nahyan visited Egypt. Crown Prince said that the aid, authorised by UAE President Sheikh Khalifa showed the UAE was firm in its support for Egypt.
Egypt’s economy is suffering following a slump in its vital tourism sector and a devaluation of its currency, and the government faces growing international criticism over its poor human rights record, added The New York Times.