One of many suitors, Kuwait ready to splurge on Egypt
Kuwait never hesitated to provide all means of support for Egypt and its people throughout history, especially during wars and crises it experienced as the Kuwaiti-Egyptian ties are "deep-rooted and historic," stressed the former chief of Kuwait Fund for Arab Economic Development (KFAED) Bader Al-Humaidhi.
This statement of Al-Humaidhi, also former finance minister and ex-oil minister, came during a symposium entitled "The Kuwaiti-Egyptian economic ties and the role of the State of Kuwait in the Arab economic development," held Friday evening within the activities of the 45th Cairo International Book Fair, which was moderated by journalist Mohammad Sherdi.
He added that Kuwait had supported Egypt during the wars of 1967 and 1973 and provided it with financial aid of USD four billion after the revolution of June 30.
He also stressed Egypt's role in supporting Kuwait by its condemnation and rejection of the Iraqi invasion in 1990, in addition to the Egyptian Army's participation in the liberation war of Kuwait, stating that "such major stances are never to be forgotten." The Egyptian economy has shrunk in the wake of the January 25 revolution due to the lack of security and political stability, said Al-Humaidhi.
Investors are always keen on launching their investments in countries with stability, he added, noting that the public sector is not the only motivation for development as the private sector is more powerful.
He expressed optimism about the Egyptian economy's recovery, especially with the significant future investments it will deal with during the foreseeable future, pointing out the Kuwaiti investments, both governmental and private, are considered of the largest Arab businesses in Egypt.
He also referred to the role played by KFAED in financing several vital development projects in Egypt in various sectors, especially in transport and electricity.
He called on the Egyptian government to dedicate its effort and time in to rebuild its infrastructure, as well as to help Arab and foreign investors to overcome the obstacles they may face.
Al-Humaidhi expressed his happiness about his participation at this fair where Kuwait is a guest of honor, noting this cultural event forms a significant cultural and intellectual meeting.
- The source of all brain drain: Lebanon's university graduates downbeat about their future prospects
- Is Erdogan's party waging a 'holy war' against the free market economy?
- Costs and benefits: the tough economics of hosting the World Cup
- Mind the gap: descripancy between income and social development persists in the Middle East
- Taking the driver's seat when it comes to your finances: should you buy a car in cash or installments?