UAE offers $1 billion deposit to Egypt's Central Bank for six years

24/08/2016 06:00 AST

The UAE has offered a financial deposit worth $1 billion to the Arab Republic of Egypt at the country's Central Bank for a period of six years.

The deal was signed by Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD) and Tarek Amer, Governor of the Central Bank of Egypt, in the presence of Juma Mubarak Al Junaibi, UAE Ambassador-designate to the Arab Republic of Egypt and the UAE's Permanent Representative to the Arab League; Rashid Al Kaabi, Director of Investment Management at the ADFD; Fatima Khamis Al Mazrouei, Ambassador and Extraordinary Plenipotentiary at the UAE Embassy to Egypt, and Deputies of Governor of the Central Bank of Egypt.

This support comes within the framework of strategic co-operation and co-ordination between the two countries, and out of the UAE's unwavering stand in support of Egypt and its people to promote the development process, as well as the recognition of Egypt's central role in the region.


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