Kuwait gives Egypt five years to repay $2bn

  • Share via facebook
  • Tweet this
  • Bookmark and Share

The Gulf Arab state of Kuwait will allow Egypt to repay a $2 billion central bank deposit over five years instead of the current one-year timeframe, Egypt's interim prime minister said on Sunday.

Kuwait agreed to give Egypt the extended repayment period for the deposit, Prime Minister Hazem el-Beblawi said in an interview aired late Sunday night on a private television channel.

Egypt's central bank received the $2 billion deposit from Kuwait on Sept. 26. It was part of a $4 billion aid package pledged by Kuwait after the Egyptian army overthrew Islamist President Mohamed Mursi on July 3.

Egyptian officials had asked the Gulf Arab oil producer for the five-year repayment period, consistent with the terms of the recent aid packages from Saudi Arabia and the United Arab Emirates.

Kuwait had matched pledges by the other two nations, showing Gulf Arab approval of the Egyptian army's ousting of Mursi. The total promised aid to Egypt is worth $12 billion.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Events that moved the markets

Events that moved the markets

What, if anything, have we learnt from past crises that have...

A country on hold: Oman's next step?

A country on hold: Oman's next step?

The Gulf state has been relatively stable under the rule of one...

1
Saudi king keeps close hand on oil in remodelling strategic team

Saudi king keeps close hand on oil in remodelling strategic team

King is clearly laying the ground for a generational shift in...

Most Discussed
  • 12
    Has Narendra Modi already lost the plot?

    Modi was quiet all along and did not utter a word regarding the attacks on minorities and their institutions. It took Obama's address to him to atleast... more

    Saturday, 28 March 2015 2:25 AM - Ali
  • 11
    Nakheel PR: The toughest job in Dubai?

    On service charges.

    We were overcharged for years by Nakheel so that those loans could be paid back.

    The dramatic cuts have come to nothing... more

    Friday, 27 March 2015 7:32 PM - Pondersome George
  • 6
    Drunk passenger who slapped air stewardess jailed in Dubai

    Its high time airlines ban alcoholic drinks on board or limit it to just one drink. There are many passengers who love the free alcohol and keep drinking... more

    Saturday, 28 March 2015 2:25 AM - Azk