Egypt, Kuwait sign $1bn deals to develop Sinai | Eurasia Diary -

18 June, Friday

Egypt, Kuwait sign $1bn deals to develop Sinai

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Egyptian Prime Minister Mostafa Madbouly and his Kuwaiti counterpart Sheikh Jaber Al Mubarak Al Hamad Al Sabah yesterday attended an event held for the signing of deals worth $1.09 billion to fund the second phase of the Sinai development programme, state-run newspaper Al-Ahram reported.

Included in the deals is a $86 million project to carry out an infrastructure project at Al-Nafaq Road in the coastal resort town of Sharm El-Sheikh.

The two agreements were signed by the Egyptian Minister of Investment and International Cooperation Sahar Nasr and Sheikh Sabah Al Khaled Al Hamad Al Sabah, Kuwait’s foreign minister who also heads the Kuwait Fund for Arab Economic Development (KFAED).

In addition, a memorandum of understanding was signed by Nasr and Kuwaiti Minister of Commerce and Industry Khaled Al-Roudhan to increase direct investments between the Egyptian Ministry of Investment and Kuwait Direct Investment Promotion Authority (KDIPA).

Middle East Monitor

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