The governor of the Central Bank of Egypt (CBE), Tarek Amer, has announced that negotiations are underway for a US$2 billion deposit from the UAE to Egypt, to be paid before the end of May.
The money is part of $4 billion payment pledged to Egypt recently by Sheikh Mohamed bin Zayed al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The two $2 billion due in May will be allocated to investment in development fields, while another $2 billion will be deposited with the CBE to support Egyptian cash reserves.
Amer told the state-owned news agency MENA that certain details of the deal were still being negotiated but that there was no delay expected in the timing of the transfer this month.
