Kuwait deposits $2bn in Egypt's Central Bank

The Kuwaiti government has deposited $2 billion in the Central Bank of Egypt to support the country’s economy, Egypt’s ambassador to Kuwait Abdul-Karim Suleiman said on Tuesday.

According to Anadolu news agency, Suleiman told the press: “Kuwait’s previous financial pledges to Egypt over the past year, which amounted to $4 billion, have been delivered.”

Suleiman added that the Kuwaiti government will invest additional $2 billion in Egypt through the state-run Kuwait Investment Authority.

Egypt is expected to receive an additional $3 billion in deposits from Saudi Arabia and the UAE by the end of April, according to government officials.

Four Gulf countries pledged a total of $12.5 billion in fresh support for the Egyptian economy during last month’s economic summit, which will come in the form of aid, investments and central bank deposits.

At his opening speech during Egypt’s economic summit, Emir Sabah al-Ahmed al-Jaber al-Sabah of Kuwait announced that his country earmarked $4 billion in investments for Egypt.