Worth $1.8 Bln. Egypt & Kuwait Sign 2 Deals for Sinai WelfareSource: www.export-egypt.com 10/22/2019, Location: Africa |
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Prime Minister Mostafa Madbouli and his Kuwaiti counterpart Sheikh Jaber Al Mubarak Al Hamad Al Sabah witnessed the signing of a $1 billion framework agreement to fund the second phase of Sinai development program.
The two premiers also witnessed the inking of a deal worth $86 million to complete infrastructure projects in the Sinai peninsula. The two agreements were co-signed by Investment Minister Sahar Nasr and Sheikh Sabah Al Khaled Al Hamad Al Sabah, the Kuwaiti foreign minister, who also heads the Kuwait Fund for Arab Economic Development (KFAED). Nasr also signed a memorandum of understanding (MoU) with 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). Following the signing ceremony, the investment minister said those agreements come as part of President Abdel Fattah El Sisi's directives to provide the necessary funding for development projects in Sinai. The second phase of Sinai's development program includes the establishment of roads and drinking water networks and housing units, with a view to enhancing services offered to Sinai residents, she added. She noted that free zones will be built within the program's second stage to lure investments into the peninsula. The investment minister said the provision of infrastructure projects in Sinai will greatly contribute to improving services offered to residents, securing more jobs and boosting internal and external trade, in addition to stimulating tourism. On his part, the Kuwaiti foreign minister said the KFAED is keen on strengthening its partnership with Egypt, especially with regard to the Sinai development program. |
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