Kuwait Fund loans Egypt $1.5 billion over next Five Years – Official

The Kuwait Fund for Arab Economic Development (KFAED) intents to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund’s director-general Abdulwahab al-Bader revealed to Reuters on Tuesday.

He did not give details of the loans. The fund is the Kuwaiti government’s agency for aiding developing countries in areas such as agriculture, transport and energy.

Kuwait, Saudi Arabia and the United Arab Emirates have provided billions of dollars of aid to Egypt in the past two years to support its economy and help it maintain political stability.