The United Arab Emirates has offered a $3 billion assistance package to Egypt, according to UAE’s state news agency.
The money will be coursed through a newly established financing facility dubbed the Khalifa bin Zayed Fund. It will be used to help create job opportunities for Egypt’s youth, Reuters says, citing the UAE state news agency.
Of the sum, $750 million will be used for housing and infrastructure projects for the youth and $750 million will be allocated for other initiatives targeting the sector.
The aid package was announced by UAE Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan during talks in Abu Dhabi with Egyptian Prime Minister Essam Sharaf.
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