Egypt receives $1 bn in Kuwaiti grant

Ahram Online, Saturday 8 Nov 2014

Minister of finances announces further Gulf aid ahead of move to return Qatari deposits by the end of November

Finance Minister Hany Kadry (Photo: Al-Ahram)

Egypt recently received a $1 billion grant from Kuwait, Minister of Finance Hany Qadry said in a press conference Saturday.

Last month, the Central Bank of Egypt announced plans to return $2.5 billion in Qatari deposits by the end of November, a move that would significantly lower Egypt's foreign reserves that stood at $16.9 billion at the end of October.

Kuwait along with Saudi Arabia and the UAE have showered Egypt with aid and grants following the ouster of president Mohamed Morsi in 2013.

Egypt has recieved a total of $10.6 billion in aid and grants thus far from the three Gulf states, most of which came in the form of petroleum products, with cash received amounting to almost $3 billion, said Qadry.


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