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Tue 7 Apr 2015 01:37 PM

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

Kuwait Fund for Arab Economic Development commits to $300m per year to aid North African country

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

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.