Publication Date:
Sun, 2011-10-23 02:59
"The UAE has approved an assistance of $3 billion to Egypt, but the mechanism is still subject to discussion," Obaid Humaid Al-Tayer, minister of state for financial affairs, told reporters.
Al-Tayer was speaking at a meeting of Gulf Arab finance ministers and central bankers in Abu Dhabi. He did not elaborate on the nature of the aid to Egypt.
The aid would be part of billions of dollars in financing support which Egypt is seeking to cope with an economic crisis since the ousting of President Hosni Mubarak in February.
Qatar has given a grant of $500 million, according to Egyptian officials, and Egypt is also considering loans from the International Monetary Fund which it previously turned down.
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