Egypt Wins $2.9 Billion in Additional U.A.E. Aid

Egypt secured $2.9 billion in additional aid from the United Arab Emirates to fund development projects, a move Prime Minister Hazem El Beblawi said he hopes to replicate with other countries.

The U.A.E. announced yesterday a $4.9 billion package to help the Egyptian economy recover after the ouster of Islamist President Mohamed Mursi in July. The amount includes a $1 billion grant to the central bank transfered in July and about $1 billion already being used to help meet Egypt’s fuel and hydrocarbon needs. The money doesn’t include a $2 billion deposit at the central bank, El Beblawi said in an interview.