Kuwait asks Egypt to determine urgent needs for coming period
Egyptian Foreign Ministry headquarter - YOUM7 (Archive)

CAIRO:  Kuwait asked Egypt Thursday during a meeting at the Ministry of Foreign Affairs to determine its urgent needs for the coming period, a senior Egyptian official told alMal daily business newspaper Sunday.

The source, who requested anonymity, said that future aid from Kuwait will be in the form of financial aid grants, deposits, petroleum products and investments.

He added that the Egyptian government agreed with Kuwait to hold a meeting next July to review the country’s needs; however he refused to state the amount of aid that Egypt is expected to receive from Kuwait.

Prime Minister Ibrahim Mahlab met on May 4 with a delegation from the Kuwaiti company Kharafi Group to discuss boosting its investments in Egypt, according to a press statement published on the Cabinet’s website.

After the events of June 30 that led to former President Mohamed Morsi‘s ouster, Kuwait promised to grant Egypt $4 billion in aid, of which $2 billion was deposited in the Central Bank of Egypt (CBE), $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, according to the State Information Services (SIS). The capital market for the companies amounts to 28 billion EGP ($3.9 billion) it said.

According to the SIS, trade between the two countries amounts to $1.7 billion annually, and about 500,000 Egyptian citizens are living in Kuwait.

In related news, there had been talks within the foreign ministry that King Abdullah bin Abdul Aziz of Saudi Arabia will visit Egypt to congratulate Abdel Fatah al-Sisi for winning the presidential elections, where he might pledge even more financial according to al-Mal.

Kuwait is set to grant Egypt the remaining $1 billion in non-refundable aid during the next few months, Kuwaiti Ambassador to Egypt Salem al-Zamanan stated in press statement last April.

A government source told al-Mal Sunday that in the past months, there have been a number of meetings with officials from Kuwait and Saudi Arabia, where the two countries agreed to fund specific projects similar to the agreements signed with the United Arab Emirates last year to provide $2.9 billion for developmental projects.

Sisi said in earlier statements in May that the Gulf aid to Egypt amounts to $20 billion.

The UAE and Saudi Arabia have promised they will provide Egypt with petroleum products until the end of October in addition to aid agreements already in place with Egypt.

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