Kuwait Egypt Aid Pushes Gulf Pledges To $12 Billion In 24 Hours

Kuwait extended a $4 billion aid package to Egypt, adding to the $8 billion from Saudi Arabia and the United Arab Emirates pledged yesterday.

Kuwait will deposit $2 billion with the Egyptian central bank, give a $1 billion grant and offer $1 billion worth of oil and oil products, state-run Kuna said in a text message today. Saudi Arabia and the U.A.E. pledged $5 billion and $3 billion respectively yesterday.

Egypt’s reserves declined $1.1 billion in June to $14.9 billion, largely due to the annual re-evaluation of the country’s gold holdings, according to central bank data.

Army generals ousted democratically elected President Mohamed Mursi last week after people took the streets to protest his policies and the nation’s ailing economy.

Source : bloomberg