UAE Offers Aid Package for Egyptian Youth

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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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.