UAE says increasing aid to Egypt to total of $4.9 billion

The United Arab Emirates signed an aid agreement with Egypt on Saturday bringing its total support to the Egyptian economy since the ouster of President Mohammed Morsi up to $4.9 billion, the state news agency WAM said.

The aid package includes a $1 billion grant sent to Egypt in July and more than $1 billion to supply fuel, WAM said. The rest of the money will go to various development projects.

The agreement puts in a place a general framework for funds already granted and for future aid, WAM said.

Report by Reuters