UAE says Egypt needs ‘comprehensive investment programme’

June 8, 2014 12:11 pm

The UAE, which is backing Egypt with billions of dollars in aid, has said its ally needs to shore up public finances and invest in infrastructure to revive an economy battered by unrest, Bloomberg has reported. Sultan Al Jaber, the UAE minister overseeing assistance to Egypt, also urged institutions such as the International Monetary Fund and the World Bank to show flexibility in dealing with the new leadership in Cairo. “Key to this economic recovery is an effective fiscal consolidation programme that will restore the confidence of domestic and foreign investors by putting public finances back on a sustainable path,” Al Jaber told the news service. Egypt also needs a “comprehensive investment programme to support growth through infrastructure projects and major investment,” he said.