Rédaction Africa Links 24 with MENA
Published on 2024-02-20 10:37:24
Prime Minister Mostafa Madbouly expressed his enthusiasm for the injection of new investments into Egypt and reaffirmed the government’s commitment to removing any obstacles and challenges that may hinder these investments. He emphasized the importance of attracting further investments in targeted sectors to stimulate economic growth and development.
During a meeting with the Chairman of Egypt Kuwait Holding Company (EKHO), Loay Jassim al Kharafi, and other board members, Madbouly highlighted the strong relations between Egypt and Kuwait and the government’s eagerness to promote Kuwaiti investments in various fields within Egypt. He acknowledged the Kuwaiti side’s eagerness to inject investments into Egypt and expand on already existing projects.
In response, Kharafi expressed his appreciation for the meeting and commended the New Administrative Capital as a source of pride for Egypt. He also reaffirmed the company’s commitment to maintaining and expanding its investments in Egypt. Kharafi presented the company’s plans to set up a factory for producing Medium-density fiberboard (MDF) wood, with a trial operation set to be launched soon and an estimated investment of 120 million dollars. Additionally, he expressed the company’s interest in participating in Egypt’s Initial Public Offering (IPO) program and shared that they had won a tender to carry out a power distribution plant under the build-operate-transfer (BOT) system.
The Chairman also expressed the company’s desire to finalize a project to establish a hotel in Al Arish city and overcome the hindrances that have been encountered in the past. He also indicated the company’s willingness to further invest in a mega-tourism project, expanding the scale by increasing the number of hotel rooms from 120 to 400 rooms.
The meeting shed light on the enthusiasm and commitment of both the government and the private sector to foster a conducive environment for investments. The Kuwaiti company’s plans to expand its operations and invest in various projects in Egypt demonstrate a positive outlook on the country’s economic potential and opportunities.
The collaboration between Egypt and Kuwait in the realm of investments reflects a mutually beneficial partnership that aims to drive economic growth, create job opportunities, and contribute to the overall development and prosperity of both countries. The government’s receptive stance towards facilitating investments and the company’s enthusiasm to expand its operations signify an optimistic outlook for the future of investment in Egypt.
Overall, the meeting between Prime Minister Mostafa Madbouly and the Chairman of Egypt Kuwait Holding Company showcased a joint commitment to promoting investments and fostering a conducive environment for economic growth and development in Egypt. It highlighted the potential for further collaboration and investment opportunities between the two countries, reinforcing the importance of strong partnerships in driving sustainable development and prosperity.
Read Original article on Egypt Independent
