CAIRO: Prime Minister Ibrahim Mahlab met on Sunday with a delegation from the Kuwaiti company Kharafi Group to discuss boosting the group’s investments in Egypt, according to a press statement published Sunday on the Cabinet’s website.
The Kuwaiti and Egyptian sides also discussed removing the obstacles blocking further Kuwaiti investments in Egypt, along with attracting new investments, and mutual cooperation, the statement said. The company also discussed the possibility of increasing its investments in Egypt, it said.
The prime minister spoke of the challenges facing Egypt during its transition following the ouster of Muslim Brotherhood President Mohamed Morsi, confirming that the government is working to improve the investment atmosphere in order to attract more investment particularly from Arab countries, it said.
Mahlab said the government would immediately address urgent problems facing the Kuwaiti group and other groups investing in Egypt. The delegation also expressed Kuwaiti’s keenness in supporting Egypt in this critical period, confirming their full support for restoring stability in its security and economic fields, the statement said.
After the events of June 30 that led to Morsi‘s ouster, Kuwait promised to grant Egypt $4 billion in aid, of which $2 billion was deposited in the Central Bank of Egypt, $1 billion was delivered in oil cargos, and the remaining $1 billion is scheduled to be granted in a few months, The Cairo Post previously reported.
Kuwait is considered the second largest Arab investor in Egypt with about 11.5 billion EGP spread across 532 joint companies in Egypt, according to the State Information Services (SIS). The capital market for the companies amounts to 28 billion EGP, it said.
According to the SIS, trade between the two countries amounts to $1.7 billion, and about 500,000 Egyptian citizens are living in Kuwait.