UAE allocates $3bn aid package for Egypt

A $1.5bn fund, the Khalifa bin Zayed Fund for Small and Medium-Sized Enterprises, will be established in Egypt, with another $1.5bn available for grants and loans.

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An aid package of US$3 billion (Dh11bn) has been allocated for Egypt after a directive by Sheikh Khalifa bin Zayed, President of the UAE.

The announcement of the aid came during a meeting in Abu Dhabi today between Sheikh Mansour bin Zayed, Deputy Prime Minister of the UAE and Minister of Presidential Affairs,  and the Egyptian Prime Minister, Dr Essam Sharaf.

A US$1.5bn fund, the Khalifa bin Zayed Fund for Small and Medium-Sized Enterprises, will be established in Egypt with the objective of providing business and job opportunities to a broad range of Egyptian youth.

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Sheikh Khalifa also directed the allocation of $750 million as a grant to develop housing and infrastructure projects for the schemes to be created under the fund.

Another $750m will be set aside as concessionary loans for different projects in Egypt.

Sheikh Mansour said that Sheikh Khalifa's directives emanated from the deep-rooted fraternal ties between the UAE and Egypt.

Dr Sharaf expressed the appreciation of Egypt and its people to Sheikh Khalifa's initiative which "embodies the historic stands of the leadership and people of the UAE, who spare no effort in supporting their brothers all the time."

The meeting was attended by Mohammed bin Dhaen Al Hameli, the Energy Minister, Ahmed Juma Al Zaabi, the Deputy Minister of Presidential Affairs, Mohammed bin Nakhira Al Dhaheri, the UAE ambassador to Egypt and Tamir Mansour, the Egyptian ambassador to the UAE.