The UAE is to provide Egypt with a further $4bn in aid. This follows the signing of MoUs for $55bn-worth of Saudi/Egyptian loans and joint projects earlier this month (MEES, 15 April).
While not all aid pledges made to Egyptian President Abdel Fatah al-Sisi by his key Gulf benefactors have come to fruition, the UAE, Saudi Arabia and Kuwait made good on the $4bn each they pledged to Egypt during a key March 2015 donors conference in the Red Sea resort town of Sharm al-Shaikh. Half of this ($6bn) was placed with the Central Bank of Egypt (CBE) and the other half invested in projects (MEES, 20 March 2015). (CONTINUED - 850 WORDS)