The USD 2 billion aid, promised to Egypt by Kuwait as part of the Gulf country's financial assistance plan, is scheduled to be deposited to the Central Bank of Egypt (CBE) today (September 24), CBE governor and chairman Hisham Ramez told Zawya in an exclusive interview.
Around USD 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 USD 18.9 billion as of the end of August.
"Egypt's economy is improving, especially with the recent export of USD 1.3 billion worth of local resources," said Ramez, who emphasized the importance of the recent steps taken by the bank to limit black market activity.
He added that the multi-billion-dollar financial support received from Gulf countries such as Kuwait, UAE and Saudi Arabia has significantly boosted Egypt's foreign reserve. With regard to the USD 2 billion worth of aid that was returned to Qatar, Ramez clarified, "it was a technical decision made due the Qatari government's incompliance with some predetermined conditions."
© Zawya 2013
