Kuwait grants extension for Egypt pay back of USD2 billion aid

By Marc Castro

Oct 21, 2013 09:36 AM EDT

Kuwait had given Egypt five years to repay a USD2 billion central bank deposit. This is an extension of the original one year time frame, as confirmed by the interim prime minister of Egypt last Sunday.

The Gulf kingdom had agreed to provide Egypt with the extension for the deposit. This was confirmed by Prime Minister Hazem el-Bebawi through a private television channel interview held late Sunday night.

The Egyptian central bank had received USD2 billion deposit from Kuwait as of Sept.26. The said amount was part of a total USD4 billion aid package promised by Kuwait after the Egyptian army had deposed Islamist President Mohamed Mursi last July 3.

A number of Egyption officials had sought the Gulf oil kingdom for a five year repayment period, which is consistent with the terms of other recent funds provided by Saudi Arabia and the United Arab Emirates.

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