FINANCIAL NEWS

Kuwait Fund to give Egypt USD1.5b loan by 2020

07 Apr 2015

(MENAFN) The Kuwait Fund for Arab Economic Development is set to give the Egyptian government a USD1.5 billion loan by the year of 2020, allocating it as USD300 million annul grants, Reuters reported.

The details of the agreement remain yet undisclosed. The finance is due by Kuwait’s government agency for supporting developing countries in the fields of agriculture, transport and energy.

Presently, Egypt stands as the number one country in reaching out its hands for aid from Kuwait, Saudi Arabia and the UAE in order to keep its footing amid its political instability.

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