Egypt Independent

Egypt, Kuwait sign agreements worth US$1.086 billion



Egyptian Prime Minister Mostafa Madbouly and his Kuwaiti counterpart Sheikh Jaber al-Mubarak al-Hamad al-Sabah witnessed the signing of three framework agreements worth US$1.086 billion.

One of these agreements is to finance the second phase of the Sinai Development Program, worth one billion dollars over three years, following the success of the first phase with the Kuwait Fund for Arab Economic Development (Kuwait Fund), which started in 2016 and ends this year, with a worth of about one billion dollars.

The two prime ministers also saw the signing of an agreement to complete infrastructure projects, which finances the Tunnel-Sharm el-Sheikh road project with $86 million as part of the program’s second phase.

The agreements were signed on behalf of the Egyptian side by Minister of Investment and International Cooperation Sahar Nasr, and on the Kuwaiti side by Sheikh Sabah al-Khaled al-Hamad al-Sabah, the Deputy Prime Minister and Chairman of the Kuwait Fund.

Following the signing, Nasr said that these agreements come within clear mandates given by Egypt’s President Abdel Fattah al-Sisi to provide funding for development projects in Sinai, contributing to comprehensive development that will benefit citizens and attract investments.

Under the second phase of the Sinai Development Project, projects related to roads, water, housing and infrastructure will be funded to meet the urgent needs of the development process in Sinai, and to enhance services to the residents of this strategic area with the establishment of investment and free zones to attract investments to Sinai.

For his part, Sheikh Sabah al-Khaled stressed the Kuwait Fund’s keenness to increase its partnership with Egypt, especially with the Sinai Development Program in light of the success achieved in its first phase.

President Sisi earlier on Monday received Sheikh Jaber al-Sabah and an accompanying delegation.

Egyptian Presidential Spokesperson Bassam Rady said that President Sisi asked to convey his greetings to the Emir of Kuwait, Sheikh Sabah al-Ahmad al-Jaber al-Sabah, and wished him good health.

Sisi praised the strength of Egyptian-Kuwaiti relations and their special relationship.

He stressed Egypt’s keenness to further develop close cooperation between the two countries at various levels, such as through enhancing trade and economic relations, in addition to attracting more Kuwaiti investments to Egypt especially through cooperation between the Kuwaiti and Egyptian sovereign funds.

He added that Sheikh Jaber al-Sabah handed President Sisi a written message from the Emir of Kuwait on ways to boost bilateral relations, based on results of the president’s recent visit to Kuwait.

The Emir of Kuwait stressed the Kuwaiti side’s eagerness to enhance cooperation with Egypt at all levels, and to coordinate with it periodically on various issues.

The Kuwaiti Prime Minister also hailed Egypt’s pivotal role in the region as an essential pillar for the security and stability of the Arab world, praising Cairo’s keenness to enhance solidarity among Arab countries and push forward joint Arab action.

Rady said that the meeting saw discussions over various aspects of bilateral relations, as well as consultations on the latest developments in the region.

President Sisi stressed that Gulf security is linked to the Egyptian national security, and gave praise to Kuwait’s important role in facing challenges.

Edited translation from Al-Masry Al-Youm