Last Update 23:0
Tuesday, 22 October 2019

Kuwait's $1bn aid to Egypt unconfirmed, says finance minister

Egypt's press says Kuwait gave $1 billion in aid - but finance minister won't confirm

Ahram Online, Monday 27 Oct 2014
Hani Qadri
(File Photo) Egyptian Finance Minister Hani Qadri (Photo:Al-Ahram)
Views: 1567
Views: 1567
"I cannot give you any confirmation at this moment with regards to the Kuwaiti $1 billion that was stated in the press this morning," Finance Minister Hani Kadri Demian said during a joint press conference with US Treasury Secretary Jacob Lew, whose short visit to Cairo on Monday will also include a meeting with President Abdel-Fattah El-Sisi.
Daily newspaper Al-Mal reported on Monday that Egypt has already received $1 billion in aid from the oil-rich Gulf state, quoting an anonymous, highly informed source.
Saudi Arabia, the United Arab Emirates and Kuwait have showered Egypt with billions of dollars since the ouster of president Mohamed Morsi in July 2013. Aid from the three countries registered 14 percent of the budget deficit in financial year 2012/13.
Aid from the three Gulf states have replaced financial help from Qatar, which reached some $7.5 billion Morsi's brief year in power but were halted as relations between Cairo and Doha quickly soured.
Egypt will be returning $2.5 billion in deposits to Qatar in November after having returned $500 million earlier this month.
Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.