Kuwait Set to Deposit $2 bln Aid to Egypt Today – Official

Hisham Ramez, governor of the Central Bank of Egypt (CBE) said the $2 billion aid, promised to Egypt by Kuwait as part of the Gulf country’s financial assistance plan, is scheduled to be deposited to CBE today, Tuesday, September 24.

Around $4 billion have been added to Egypt’s net foreign reserve since Mohamed Morsi was ousted as the country’s president, bringing the total funds to $18.9 billion as of the end of August.

Ramez indicated that Egypt’s economy is improving, especially with the recent export of $1.3 billion worth of local resources, according to Zawya.

The top official also emphasized the importance of the recent steps taken by the bank to limit black market activity.