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UAE aid to Egypt end looms

February 5, 2014 at 2:11 am

The Egyptian media have reported revelations from sources claiming that the UAE has placed conditions on its financial assistance to Egypt.

According to the sources, the conditions included knowing and monitoring the spending of loans, stopping all media incitements against the country and drafting a law that protects Arab investments.

Egyptian politicians, writers and other interested bodies considered the conditions to be unjust.

These conditions came after remarks by senior UAE minister, Mansour bin-Zayed al-Nahyan. During a meeting with the chief of the military-led Egyptian government last week, al-Nahyan said that “Arab support for Egypt would not continue for too long.”

Al-Nahyan demanded that Egypt draft laws to protect Arab and foreign investments. Hazem al-Beblawi confirmed that this was underway in specialist investment dispute courts.

He also said that legislation was being drafted to protect investments.

The sources said that Egypt was currently experiencing an economic crisis as economic assistance and fuel loads were due to end in December due to negative signs in the Egyptian economy.

The UAE announced $3 billion aid to Egypt before the military coup. As a reward for the coup, they offered $3.9 billion additional aid.