Uae's $3bn aid package to egypt for housing and small firms

The UAE's US$3 billion aid package to Egypt will be funnelled towards small businesses and housing projects as the country looks to the region for assistance ahead of international donors.

The package will take the form of a $1.5bn (Dh5.5bn) fund for small and medium-sized enterprises, $750 million for infrastructure and housing projects and $750m more in "soft" loans for various projects, the state news agency WAM reported on Monday.

It follows a meeting between Sheikh Mansour bin Zayed, Minister of Presidential Affairs and Deputy Prime Minister, and Essam Sharaf, the Egyptian prime minister, in Abu Dhabi this week. It was his first visit to the capital following the uprising that ousted president Hosni Mubarak in February.

The interim government estimates Egypt needs between $10bn and $12bn in international funding to plug a budget gap following the political turmoil that led to a sharp decline in economic output, employment and tourists. 

Source: TheNational.ae