UAE assistance, budget savings to finance second stimulus package - Daily News Egypt:
"The government’s second economic stimulus package will be financed through a $2.8bn (EGP 20bn) financial assistance from United Arab Emirates (UAE), and EGP 10bn in savings from the general budget thanks to the lower cost of domestic borrowing, Deputy Prime Minister and Minister of International Cooperation Ziad Bahaa El-Din said on Wednesday.
On 27 October, the government signed an agreement with UAE to finance development projects valued at $2.8bn as a part of the second package.
The agreement took place during a three-day visit by Prime Minister Hazem El-Beblawi to Abu Dhabi in October to discuss means of expanding economic cooperation with the Emirati counterpart Mohamed bin Rashed Al-Maktoum.
Another $3bn was pledged to Egypt from the UAE following the removal of former president Mohamed Morsi from power in July. The UAE aid to Egypt is comprised of a $1bn grant and a $2bn interest-free deposit in the Central Bank. It also sent seven shipments of fuel worth $225m in July."
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