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

Ahram Online, Monday 27 Oct 2014

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

Hani Qadri
(File Photo) Egyptian Finance Minister Hani Qadri (Photo:Al-Ahram)
Kuwait may have given Egypt $1 billion in aid, local media said, but Egypt's finance minister refused to confirm the news.
 
"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.
 
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