Wednesday 11 September 2013

Kuwait to transfer $2 bln aid to Egypt - Egypt cenbank chief

Kuwait to transfer $2 bln aid to Egypt - Egypt cenbank chief:

"The Gulf Arab state of Kuwait will deposit $2 billion in aid in Egypt's central bank next week, the Egyptian central bank governor said on Wednesday.

Hisham Ramez told the Al Arabiya television network the money would stay in the central bank for five years.

A political crisis that began when the army overthrew Islamist President Mohamed Mursi on July 3 has hammered Egypt's economy.

In July, Kuwait pledged to provide $4 billion in aid to Egypt, matching pledges by Saudi Arabia and the United Arab Emirates that showed Gulf Arab approval of the Egyptian army's ousting of Mursi."

'via Blog this'

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