Egypt to spend $4.9 billion in stimulus package mainly financed by UAE

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CAIRO – Egypt’s interim government says it is spending nearly $4.9 billion, mostly financial support pledged by the United Arab Emirates, as a “stimulus package.”

Ahmed Galal, the Finance Minister, said in a statement Monday that the money will be directed to projects and programs including increasing the minimum wages of public sector employees.

Egypt’s economy, especially the vital tourism sector, has been devastated by three years of unrest.

The country secured billions of dollars in pledged support from the Gulf after the toppling of Islamist President Mohammed Morsi.

The UAE said in October it boosted its aid pledges to $4.9 billion.

This is the second such stimulus package. The first was in August, a month after the coup against Morsi that followed demonstrations by millions calling on him to step down.

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