Kuwait fund to lend Egypt $1.5 bln over next five years

Reuters , Tuesday 7 Apr 2015

Abdulwahab al-Bader
Abdulwahab al-Bader (Photo: Youtube)

The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund's director-general Abdulwahab al-Bader told Reuters on Tuesday.

He did not give details of the loans. The fund is the Kuwaiti government's agency for aiding developing countries in areas such as agriculture, transport and energy.

Kuwait, Saudi Arabia and the United Arab Emirates have provided billions of dollars of aid to Egypt in the past two years to support its economy and help it maintain political stability.

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