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FINANCIAL NEWS
Kuwait pledges USD4b aid for Egypt
11 Jul 2013
(MENAFN) Kuwait has pledged USD4 billion in aid to Egypt, joining its neighbors Saudi Arabia and UAE in their approval of the ousting of Islamist President Mohamed Mursi, official news agency KUNA reported.
The Gulf billions could give the cash-stripped economy a space to breathe.
According to Kuna, the package would comprise a USD2 billion central bank deposit, a USD1 billion grant and USD1 billion in oil products.
Qatar lent Egypt more than USD7 billion during Mursi’s abruptly curtailed year in power, but other Gulf states remained aloof, wary of the Muslim Brotherhood’s potential influence in their own conservative, dynastically ruled countries.
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