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DUBAI, Aug. 22 (Xinhua) -- The United Arab Emirates (UAE) offered on Monday one billion U.S. dollars in deposit to Egypt's Central Bank for six years, Emirati state news agency WAM reported.
This support comes within the framework of "strategic co-operation and co-ordination" between the two countries, reported WAM.
The UAE aims to support Egypt to promote its development and as a recognition of Egypt's pivotal regional role.
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 other dignitaries from both sides in Abu Dhabi.
The agreement took place 11 days following the International Monetary Fund's (IMF) deal with Egypt, stipulating a 12 billion dollars loan over three years in order to revive its ailing economy, pending approval by the IMF's executive board.
The World Bank forecasts Egypt's economic growth will decrease to 3.3 percent in 2016, down from 4.2 percent in 2015, owing to the tourism industry's challenges following recent bomb attacks and turmoil within the Sinai Peninsula.
The UAE has financially supported Egypt since current president Abdel Fattah El-Sisi toppled President Mohammed Morsi, in July 2013.
In March 2013, the UAE, Saudi Arabia and Kuwait financially assisted Egypt with 12 billion dollars in aid. Enditem
