Kuwait offers $4 b aid package to Egypt: minister

Kuwait offers $4 b aid package to Egypt: minister
Wed Jul 10, 2013 20:39:27

Kuwait has offered Egypt an aid package of $4 billion, a minister said, bringing to $12 billion the total pledges by Persian Gulf monarchies to Cairo since the army ousted Islamist president Mohamed Morsi last week.

The Kuwaiti package includes a grant of $1 billion, a deposit of $2 billion at Egypt's central bank, in addition to oil and oil products worth $1 billion, State Minister for Cabinet Affairs Sheikh Mohammad Abdullah Al-Sabah said on Wednesday.

The United Arab Emirates and Saudi Arabia pledged on Tuesday aid packages of $3 billion and $5 billion, respectively.

The aid comes after the Egyptian army overthrew president Mohamed Morsi of the Muslim Brotherhood.

Egypt's finances have been devastated by political and economic instability since the popular uprising that pushed former dictator Hosni Mubarak out of the presidency two and a half years ago.

HH/HH

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