The Kuwait Investment Authority announced that the volume of Kuwaiti investments in Egypt amounted to 621 million dinars ($2.1 billion), and the volume of deposits in the Central Bank amounted to $4 billion.
The Kuwait Investment Authority said in response to a question from a member of the National Assembly, “Kuwait is investing in Egypt in banking, gas, oil, financial services, real estate and tourism, and investment deposits.”
And she explained, according to what was published by the local newspaper Al-Qabas, that “it is currently difficult to predict the size of the risks that the Egyptian market may face and their impact on Kuwaiti investments and deposits.” in Egypt due to rapid changes in the global economy.”
The authorities indicated that “Kuwaiti deposits in Egypt are the first deposit of $2 billion with a term of 5 years and with a variable interest rate, and it was placed based on the decision of the Council of Ministers in 2013.”
It also stated that “the second deposit was accepted by the Council of Ministers in 2015 in the amount of two billion dollars, distributed among three deposits, with an interest rate of 2.5% per annum, paid on a semi-annual basis (every six months), starting from the date making a deposit.”
It is noteworthy that in October last year, the head of the Kuwait Chamber of Commerce and Industry, Muhammad Al-Sakr, made a four-day official visit to Egypt at the head of a high-level economic delegation, the largest in decades.
The Kuwaiti newspaper Al-Jarida pointed out that the purpose of this visit was to strengthen economic cooperation between the two countries and open up new opportunities for injecting additional Kuwaiti investments into the Egyptian economy.
According to a statement released by the Kuwait Chamber of Commerce in connection with the visit, the delegation included 46 members representing the chamber’s board of directors, some government agencies, professional associations, and a group of Kuwaiti companies.
Source: Al-Qabas Newspaper & Gulf Online.