UAE Deposits $1 Billion in Egypt’s Central Bank

Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development and Tarek Amer, Governor of the Central Bank of Egypt signed a deal on Monday to have $1 billion deposited in Egypt’s favor for a period of six years.

The signing took place in the Emirati capital, Abu Dhabi, in the presence of uma Mubarak Al Junaibi, UAE Ambassador-designate to the Egypt and the UAE’s Permanent Representative to the Arab League; Rashid Al Kaabi, Director of Investment Management at the ADFD; Fatima Khamis Al Mazrouei, Ambassador and Extraordinary Plenipotentiary at the UAE Embassy to Egypt, and Deputies of Governor of the Central Bank of Egypt.

“This support comes within the framework of strategic co-operation and co-ordination between the two countries and out of the UAE’s firm position supporting Egypt and its brotherly people,” Emirati news agency, WAM, stated. This deal took place 11 days following the International Monetary Fund’s (IMF) deal with Egypt, specifying a 12 billion dollars loan over three years in order to revive its economy, pending approval by the IMF’s executive board.

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