Monday 17, February 2014 by

UAE financing to support Egypt’s capital spending a credit positive, says Moody’s

Egyptian Finance Minister Ahmed Galal recently announced an EGP 33.9 billion ($4.9 billion) supplemental appropriation bill to the state budget. Although the bill will increase Egypt’s (Caa1 negative) budget deficit, the supplemental spending will have minimal cost to the Government because financing will be via concessional aid from the United Arab Emirates (UAE, Aa2 stable), said Moody’s

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