The Egyptian central governor reported last Wednesday that the Gulf Arab State of Kuwait would be depositing USD2 billion in aid to its central bank by next week. Hisham Ramirez, Egypt's central bank governor, told the Al Arabiya television network the said amount would be retained by the central bank for the next five years.

Egypt again went into a political tailspin after the army did a coup d'etat which removed President Mohamed Mursi last July 3. The event had again greatly affected the Egyptian economy.

Last July, Kuwait had offered to provide USD4 billion worth of aid to Egypt, which matched pledges from Saudi Arabia and the United Arab Emirates. This clearly indicated the approval of other Gulf Arab states as to the ouster of Mursi by the Egyptian army.

According to the state news agency of Kuwait, the package would be broken into tranches, namely a USD2 billion central bank deposit, a USD1 billion grant and USD1 billion in oil products.