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Kuwait gives Egypt 5 years to repay $2bn

Cairo, October 21, 2013

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.

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 Kuwait for the five-year repayment period, consistent with the terms of the recent aid packages from Saudi Arabia and the UAE.

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. - Reuters




Tags: Egypt | Kuwait | loan |

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