Infrastructure sector in Egypt has received a shot in the arm after the government of United Arab Emirates  pledged to give the country a $4 billion financial support.

According to the President of UAE His Highness Sheikh Khalifa bin Zayed Al Nahyan, and orders of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the conclusion of his visit to the Arab Republic of Egypt, the UAE has pledged $4 billion in support of Egypt.

According to the Egyptian officials $2 billion will be utilized for developing current projects and the rest $2 billion will be used in developing new projects that will be identified by the government.

This support comes in the framework of strategic co-operation and co-ordination between the two countries. It also stems from the UAE’s firm stand in support of Egypt and its people to promote the reconstruction and development process, as well as in recognition of the pivotal role of Egypt in the region.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, left Cairo on Friday following an official visit to the Arab Republic of Egypt.

President El Sisi said his counterpart Sheikh Mohamed bin Zayed made great steps towards ensuring the two countries cement good worKing relationship that will last.

The Sheikh Mohamed bin Zayed Residential inspected various projects that were early on initiated by his government including Complex project, which is 12km long and 6.5km wide, and spreads over land area of about 20, 000 acres. The residential complex connects Cairo city with the new administrative capital project.

Source: constructionreviewonline.com

Posted on : 02 May,2016