A senior board member of the Kuwaiti Commercial Bank announced Monday that a team composed of the bank members had been formed in order to study investment opportunities in Egypt, Youm 7 reported.
“We are optimistic towards investing in Egypt, we are ready to fund projects out there”, senior board member Ahmed al-Sabah told Youm 7, adding “We rely on strong Egyptian- Kuwaiti ties.”
Kuwait is among the main countries which owe investments in Egypt with an amount of 15 billion dollars and 927 companies which operate mainly in agriculture, tourism, development and industry sectors.
Kuwait was a member of a gulf state trio which supported Egypt economically after the military intervened to oust the Islamist Mohamed Morsi in July 2013. The trio, which included Saudi Arabia and the United Arab Emirates offered Egypt a package of a financial and oil aid worth $12 billion.
In March, the coastal city of Sharm el-Sheikh hosted the Egypt Economic Development Conference (EEDC), in which a package of foreign investments were announced with an amount ranges between 35 and 40 billion dollars. Kuwait pledged $4 billon out of the aforementioned amount; some Kuwaiti businesses are facing judicial disputes following the aftermath of the January 25th Revolution. The suits were filed issued mostly by civil plaintiffs to review foreign investment contracts.