Sunday, 23 October 2011

UAE says discussing mechanism for $3 bln Egypt aid | Reuters

The United Arab Emirates plans to provide $3 billion in financial aid to Egypt but is still discussing the mechanism to deliver it, a senior UAE official said on Saturday.

"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.

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.

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