CAIRO: The Kuwait Investment Authority’s (KIA) head of investment, Fawzi Al-Manee, said the authority is interested in reforms being implemented by the Egyptian government to lure investments, the Kuwaiti Al-Anba newspaper reported Monday.
During his visit to Cairo this week, the Kuwaiti official met with Egypt’s Minister of Investment Ashraf Salman and some officials at the Ministry of Investment.
He said he had reviewed aspects of cooperation between the two countries and the exchange of expertise along with the joint investment ties with the Egyptian officials, according to the newspaper.
Manee stressed that KIA would participate in Egypt’s economic summit which is scheduled to be held in Sharm el-Sheikh in February.
“The investment opportunities offered by Egypt’s Minister of Investment are aimed to boost growth rates, shrink the budget deficit, create more jobs and lower the poverty rate,” Manee said.
Egypt recently received a financial aid package worth $1 billion from Kuwait, which will be allocated to support the state budget, Al Mal business newspaper reported last week.
Last year, Egypt obtained more than $21 billion in financial aid packages, including $3 billion from Kuwait. The rest was pledged to Egypt, Saudi Arabia, and the UAE to support the economy in the wake of June30 mass protests which led to the ouster of former President Mohamed Morsi by the military.
Egypt will hold the conference with the aim of luring Arab and foreign investments. The International Monetary Fund (IMF) and the World Bank have announced they would participate in the economic summit along with other international lending foundations.