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Kuwait offers $4 bn aid package to Egypt

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(Globalpost/GlobalPost)

Kuwait offered Egypt on Wednesday 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 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 three oil-rich Gulf states welcomed the move and hailed the army.

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http://www.globalpost.com/dispatch/news/afp/130710/kuwait-offers-4-bn-aid-package-egypt-0