UAE to give Egypt $8.7bn worth of petroleum products
UAE to give Egypt $8.7bn worth of petroleum products
01 September 2014
The United Arab Emirates will provide Egypt with petroleum products worth $8.7 billion over a year starting in September 2014.
“We will complete all the details this week and the first shipment will be sent next week,” the official said, referring to the UAE agreement. He said some of the petroleum products would come as grants and the remainder under a credit agreement that would be repaid in installments.
Today Egypt has a huge shortage of energy sources and has to monthly import fuel worth $1-1,3 billion. The United Arab Emirates, Saudi Arabia and Kuwait have together provided Egypt with more than $20 billion in grants, loans and petroleum products since Mursi’s overthrow.