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FINANCIAL NEWS
UAE to support Egypt’s economy with USD3b
12 Jul 2011
(MENAFN) The Egyptian finance minister, Samir Radwan, stated that the UAE plans on giving Egypt a financial aid worth USD3 billion in order to support the Egyptian strutted economy, reported Arabian Business.
He added that he had led negotiations for an USD3b loan package from the International Monetary Fund (IMF) to fill a financing gap, but after agreeing on the loan, Egypt refused it.
The minister also said that the UAE was the latest country in the Gulf to propose financial support to Egypt. Qatar as well as Saudi Arabia also offered some cash to finance the budget after revenues were damaged by the deterioration of business and tourism.
It is worth noting that Egypt’s economy was impacted by the political turmoil caused by the February 11th uprising which ousted the previous president Hosni Mubarak and started doubts regarding a cabinet reshuffle.
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