By REUTERS GULF NEWS
ABU DHABI: 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.
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.
NOTE BY THE EDITOR: This is the right thing to do. The ‘strings attached’ by Muslim brothers may also be there, but they will be different to the ‘strings attached’ by the worlds one and only super power and its allies.