CAIRO: The Ministry of Foreign Affairs proposed seven new projects in the petroleum sector with investments up to $7.4 billion to the Egyptian-Kuwaiti committee assigned to make a list of projects to be funded by Kuwait, al-Mal daily business newspaper reported Sunday.
The Egyptian-Kuwaiti committee includes the ministries of finance, investment, industry, housing, agriculture and the social fund for development in addition to the Kuwaiti ambassador to Cairo.
Kuwait asked Egypt during a meeting at the Ministry of Foreign Affairs at the beginning of June to determine its urgent needs for the coming period, a senior Egyptian official told al-Mal.
It is expected that the Egyptian-Kuwaiti committee will hold a meeting before the end of June to agree on the projects that will be funded during the coming period, the source said.
Prime Minister Ibrahim Mahlab met on May 4 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 ouster of Mohamed Morsi, Kuwait announced it would 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 the coming months.
Kuwait is the second largest Arab investor in Egypt with about 11.5 billion EGP spread across 532 joint companies, for which the capital market amounts to 28 billion EGP ($3.9 billion,) according to State Information Services.
According to SIS, trade between the two countries amounts to $1.7 billion annually, and about 500,000 Egyptian citizens are living in Kuwait.
Abdulaziz Al-Saud called for a donor conference June 4 to help boost the Egyptian economy in the congratulatory cable sent to President Abdel Fatah al-Sisi.
“I call upon all of Egypt’s brothers and friends to organize a donor conference to assist overcoming the economic crisis,” Abdullah said in a cable sent to Sisi Tuesday, published by Saudi state news agency (SPA).
On June 5, Cairo created a list of projects to be sent to Gulf countries such as UAE, Saudi Arabia, and Kuwait to provide funding worth $7.66 billion, Al-Mal reported.
The package contains infrastructure projects including construction of sewage stations, road and bridges projects, constructing social housing units, and electricity plants, an Egyptian official told Al-Mal.