UAE to provide 3 bln dollars aid package for Egypt

09:51, July 05, 2011      

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United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed Al Nahyan issued directives on Monday to allocate an aid package of 3 billion U.S. dollars for Egypt, the state news agency WAM reported.

The order came during a meeting between Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan and the visiting Egyptian Prime Minister Essam Sharaf in Abu Dhabi, the UAE's capital, according to the report.

Under Sheikh Khalifa's directives, a 1.5 billion-dollar fund, the Khalifa bin Zayed Fund for Small and Medium-Sized Enterprises, will be established in Egypt to provide business and job opportunities for Egyptian youth.

The president also directed the allocation of 750 million dollars to develop housing and infrastructure projects in the North African country, the report said.

It said the UAE will further earmark 750 million dollars as concessionary loans for different projects in Egypt.

"Sheikh Khalifa's directives emanated from the deep-rooted fraternal ties between the UAE and Egypt," Sheikh Mansour was quoted as saying.

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

The Egyptian prime minister, who was heading a high level delegation, arrived in Abu Dhabi earlier in the day for a visit to the Gulf nation.

Source: Xinhua
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