The UAE loan would be in the form of a $2 billion interest free deposit in Egypt’s central bank, state news agency WAM said on Tuesday. The UAE is also to give Egypt $1 billion. The UAE delegation to Cairo included the Gulf country's national security adviser, foreign minister and energy minister. The UAE visit was to “show full support to the people of Egypt - political support, economic support,” Badr Abdelatty an Egyptian foreign ministry spokesman told Reuters. The UAE was one of the first countries to congratulate Egypt following the army’s decision to oust the Muslim Brotherhood’s Mohammed Morsi. Saudi Arabia also approved a $5 billion aid package to Egypt Tuesday, comprising a $2 billion central bank deposit, $2 billion in energy products and $1 billion in cash, Ibrahim Alassaf, the Saudi Finance Minister told Reuters. Meanwhile Washington has said that there will be no immediate cut off of US aid to Egypt, although the 700 million for 2013 has not yet been disbursed and aid for 2014 has not yet been discussed. … Read More
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