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Thursday, April 25, 2024

UAE to Grant $3bn Loan to Egypt

UAE to Grant $3bn Loan to Egypt
UAE to Grant $3bn Loan to Egypt

The UAE has offered a grant of $1 billion and a further $2 billion no-interest loan to Egypt in the form of a no-interest deposit with the Central Bank of Egypt. The UAE announcement of the grant and loan was made when Egypt’s interim president, Adly Mansour, received H.E. Sheikh Hazza bin Zayed Al Nahyan, UAE National Security Advisor, at Etihadiya Palace. Sheikh Hazza was accompanied during the visit by a high-level ministerial delegation comprising Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, Sheikha Lubna bint Khalid Al Qasimi, Minister of Development and International Co-operation, Obeid Humaid Al Tayer, Minister of State for Financial Affairs, and the Minister of Energy, Suhail Al Mazrouie.
Sheikh Hazza conveyed the congratulations of UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum and General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to the Egyptian interim president on assuming his post during the transition period.
The UAE leaders wished him success in his mission and more progress and prosperity for the Egyptian people in order to pursue its drive towards development, progress and prosperity, enabling the country to play its civilised leading role in Arab and international arenas.

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