Kuwait gives Egypt 5 years to repay $2 billion deposit

The Gulf Arab state of Kuwait willallow Egypt to repay a $2 billion central bank deposit over fiveyears instead of the current one-year timeframe, Egypt's interimprime minister said on Sunday.

Kuwait agreed to give Egypt the extended repayment periodfor the deposit, Prime Minister Hazem el-Beblawi said in aninterview aired late Sunday night on a private televisionchannel.

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

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

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

Subscribe for our daily newsletter
Subscribe for our daily newsletter

By subscribing I accept the terms of use and privacy policy