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The United Arab Emirates has agreed to give Egypt $4.9 billion in aid.
The United Arab Emirates has agreed to give Egypt $4.9 billion in aid in a show of support for the army-backed government. The UAE opposes the Muslim Brotherhood, whose presidential pick, Mohamed Morsi, was toppled by the army last year.
The agreement was signed Saturday while Egypt's Prime Minister Hazem el-Beblawi was visiting the UAE.
UAE has already given Egypt $1 billion of the aid package.
About a fifth of the money is designated for fuel, while the rest is for development projects such as the construction of 25 wheat and grain silos and healthcare, housing, and development projects.
The money is needed since tourists and investors, two sources of foreign currency Egypt relied on in the past, have been scarce since President Hosni Mubarak was ousted in 2011.
Such funding has also makes it easier for Egypt to ignore a recent US move to suspend some military aid and $260 million in cash assistance to the country until more progress is made on democracy and human rights.
“I am very upbeat about the future of Egypt, but that does not mean things will be easy. Egypt is now like a recovering patient who needs to be attended to carefully,” Beblawi told the Dubai based Khaleej Times.