Kuwait offers $4-B aid package to Egypt: minister

Agence France-Presse
Kuwait offered Egypt an aid package of $4 billion, a minister says, bringing to $12 billion the total pledges by Gulf monarchies to Cairo

MASSIVE PROTESTS. The Egyptian military says the protests against Mohamed Morsi were the largest in Egyptian history. File photo by EPA

KUWAIT CITY, Kuwait – Kuwait offered Egypt on Wednesday, July 10, an aid package of $4 billion, a minister said, bringing to $12 billion the total pledges by Gulf monarchies to Cairo since the army ousted Islamist president Mohamed Morsi last week.

“The council of ministers has approved an urgent aid package to our brothers in Egypt following instructions from the emir,” State Minister for Cabinet Affairs Sheikh Mohammad Abdullah al-Sabbah said, according to the official KUNA news agency.

The Kuwaiti package includes a grant of $1 billion, a deposit of $2 billion at Egypt’s central bank, in addition to oil and oil products worth $1 billion, Sheikh Mohammad said.

He said the $1 billion worth of oil and products will be also given as a grant.

The United Arab Emirates and Saudi Arabia pledged on Tuesday, July 9, aid packages of $3 billion and $5 billion, respectively.

Egypt’s army last week forced Morsi out of office after days of protests against his one-year rule. The 3 oil-rich Gulf states welcomed the move and hailed the army. – Rappler.com

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