Summary
The UAE and Egypt launched a giant $20 billion joint investment program Thursday to develop "economic and social projects," as Cairo seeks assistance to boost its sagging economy. Abu Dhabi Crown Prince Sheikh Mohammad bin Zayed Al-Nahyan made the announcement while receiving Egyptian President Abdel-Fattah al-Sisi on a visit to the Emirati capital.
The UAE has been a firm regional backer of former army chief Sisi since the Egyptian military overthrew Islamist President Mohammad Morsi in 2013 .
The UAE and Egypt are also part of a Saudi-led alliance that cut relations with Qatar in June 2017, accusing it of bankrolling Islamist extremist groups and of being too close to regional rival Iran.
In April, the IMF forecast the Egyptian economy would pick up speed this year, expanding by 5.5 percent, while inflation should slow to 14.5 percent.
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