Egypt gets $1B financial aid from Kuwait: Al-Mal Newspaper
Central Bank of Egypt -YOUM7 (Archive)

CAIRO: Egypt has recently received a financial aid package worth $1 billion from Kuwait, which will be allocated to support the state budget, Al Mal business newspaper reported citing well-informed sources Monday.

The new aid came following top-level consultations between Egyptian and Kuwaiti officials. It was deposited in the Ministry of Finance’s account at the Central Bank of Egypt (CBE), according to the sources.

Last year, Egypt obtained more than $21 billion in finance aid packages, including $3 billion from Kuwait. The rest was pledged to Egypt, Saudi Arabia, and the UAE to support the economy in the wake of June30 mass protests which led to the ouster of former President Mohamed Morsi by the military.

Egypt’s government is seeking to receive $5 billion in aid from the UAE before a Sharm el-Sheikh Economic Summit scheduled for Feb. 26- 27.

Egypt will hold conference with the aim of luring Arab and foreign investments. The International Monetary Fund (IMF) and the World Bank have announced they would participate in the economic summit along with other international lending foundations.

The conference that had been called for by Saudi King Abdullah bin Abdul Aziz in June to support Egypt’s economy after President Abdel Fatah al-Sisi’s election win was delayed due; a number of ministries said they needed to prepare detailed studies about the projects that would be proposed.

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