The Kuwait Fund for Arab Economic Development will grant Egypt $1.5 billion over the next five years, extending $300 million each year, Director General of the Fund Abdulwahab al Bader said on Tuesday.
He made the remarks on the sidelines of the annual meeting of the Arab Financial Institutions, currently in session in Kuwait.
Cooperation among all Arab financial institutions helped in handling economic and financial crises faced by the Arab region, he asserted.
Arab countries receive 50 percent of the annual contributions of the fund, he added.