Strong UAE Support for Egypt
- 11 July 2013
Under the wise leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Supreme Commander of the Armed Forces (May God protect him), the UAE has spared no effort in extending its support to Egypt to help it overcome its current difficult situation. This became evident again when the UAE’s aid package to Egypt was announced on Tuesday, during the visit of His Highness Sheikh Hazza bin Zayed Al Nahyan, UAE National Security Advisor, to that country at the head of a high-level delegation. The UAE aid package includes a $1 billion in grant and a $2 billion in no-interest loan to the Central Bank of Egypt. The aid demonstrates the UAE’s willingness to support Egypt and to help it overcome current economic hardship and is a timely initiative for ensuring stability in Egypt, when the national economy is in dire straits. According to economists, this aid package will bolster Egypt’s foreign currency reserves, which have declined to the alarming level of a mere $15 billion. This amount will boost the forex market’s confidence in Egypt and strengthen the country’s balance of payment in the near future.
During his talks with Egypt’s Interim President Adly Mansour and the head of Egypt's armed forces General Abdul Fattah al-Sisi, His Highness Sheikh Hazza bin Zayed Al Nahyan deliberated on a number of issues:
It was reiterated that the UAE and Egypt’s relations are defined by strong historical and brotherly ties and bound by strong cooperation. All Egyptians cherish this relationship and have immense respect and appreciation for the UAE and its wise leadership. The UAE has earned this respect by playing a leading role in supporting Egypt’s development plans, which is manifest in its several projects and initiatives to this end. The relations rest on strong foundation and are geared toward further enhancement.
The UAE has come to the aid of Egypt at a critical juncture and has reposed trust in its people’s decisions for the future and their ability to meet present challenges. This gesture affirms the UAE’s position of standing by the will of the Egyptian people and respecting their choices.
Egypt’s security and stability is fundamental to Arab security. This reflects the significance of Egypt’s position and its vital role in the Arab world. The UAE believes that security and stability of Egypt, though a matter of national priority of the Egyptian people, is also key for the security and stability of the Arab world.
Through this positive gesture toward Egypt, the UAE has once again demonstrated that it is a responsible player at the Arab and regional levels. With this sincere action, it has projected an image of genuine Arab brotherhood and that its meaningful and effective initiatives always uphold Arab solidarity and interdependence.