UAE lends Egypt US$1.5 billion

The United Arab Emirates (UAE) ambassador in Cairo, Mohamed al-Zahiry, said on Sunday that his country is lending Egypt US$1.5 billion to finance small and medium-size projects.

“We seek to help the young people of Egypt,” he said, adding that the Khalifa bin Zayed Fund, which will grant the loan, has allocated another US$1.5 billion to support the Egyptian economy.

“The rest will be allocated to housing and infrastructure projects,” he said.

The ambassador’s statements follow talks on investment during Prime Minister Essam Sharaf’s visit  to the UAE last August.

Translated from the Arabic Edition

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