UAE Allocates $4 bln to Egypt in Deposit to c.bank and InvestmentsSource: www.export-egypt.com 4/22/2016, Location: Africa |
|
|
|
|
 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.
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 for a short visit to meet Egyptian President Abdel-Fattah El-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 El-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. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
