Prime Minister Hazem al-Beblawy stressed Sunday that the UAE has agreed to “fully support” the Egyptian economy.
Support starts with a new funding package worth US$4.9 billion within the framework of an agreement signed between Egypt and the UAE on Saturday evening, Beblawy said.
Beblawy told reporters at the cabinet headquarters that the UAE transferred a grant to Egypt last July worth one billion dollars for fuel. The rest of the package would be dedicated to financing housing projects, he added.
“We look at the Suez Canal project as a development pioneer to revive the whole region as one of the most important international passages,” Beblawy said.
Sultan al-Jaber, the UAE Minister of State, said that the projects that have been agreed on with the Egyptian side were studied thoroughly, pointing out that each project must have a direct positive impact on the Egyptian public.
Edited translation from Al-Masry Al-Youm
