Kuwait to grant Egypt $1billion non-refundable aid: official
Kuwaiti ambassador to Cairo Salem al-Zamanan - YOUM7 (Archive)

CAIRO: Kuwait is set to grant Egypt the remaining U.S. $1 billion non-refundable aid during the next few months, Kuwaiti ambassador to Cairo Salem al-Zamanan stated Thursday in press statement.

The non-refundable grant will be transferred to the Central Bank of Egypt (CBE) after being submitted to the Kuwaiti National Assembly to be ratified. He added that it the transfer of aid will take place within a few months according to the Kuwaiti National Assembly’s agenda, according to Youm7.

Following June 30 and the ousting of former President Mohamed Morsi, Kuwait stated that it would grant Egypt U.S. $4 billion in aid, of which U.S. $2 billion have been deposited to the CBE, and U.S. $1 billion were delivered in oil cargos, he illustrated.

On the other hand, Ayman Metwally, Head of the Egyptian-Finance Association said that Gulf aid and loans following the ousting of the Muslim Brotherhood rule, reflect Egypt’s pioneering role in the region, and the mutual cooperation between Arab countries, in a phone interview with ONTV channel.

Metwally also attributed the Egyptian Exchange’s harsh decline last Wednesday and Thursday, following Field Marshal Abdel Fatah al-Sisi‘s declaration to run the next presidential election, to the intensive selling by specific Arab funds and investors, reflecting misunderstandings about Sisi’s nomination,  according to ONTV.

Additional reporting by Mustafa Anbar.

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