(MENAFN- Kuwait News Agency (KUNA)) By Salem Al-Methen
KUWAIT, Oct 19 (KUNA) -- Relations between Kuwait and Egypt have been progressing since their establishment decades ago, as a state visit by His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah to Egypt, due Sunday, would take these ties to even new heights particularly at the economic and trade levels.
Kuwait is Egypt's third largest Arab trading partner after Saudi Arabia and the UAE, with combined public and private sector's investment of USD 15 billion, while 1,227 companies operating in sectors of industry, finance, real estate, tourism, services, agriculture and telecommunications. The figures were confirmed by Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah following a meeting of Kuwait-Egypt higher committee meeting in Kuwait last December.
Egyptian exports to Kuwait between 2010-18 amounted to 984.2 million Kuwaiti Dinars (KD) (some USD 3.2 billion), while Kuwait exported KD 165.3 million (USD USD 543 million) worth of products to the North African nation, said Kuwait statistics department.
Kuwait Fund for Arab Economic Development (KFAED) is also contributing to development in Egypt, extending loans and grants to development projects in economic, social, agricultural, health and educational sectors.
Since its establishment in early 1960s, KFAED financed via loans around 50 projects with some KD one billion (USD 3.4 billion), while offering KD 17.3 million (USD 56 million) worth of grants and technical assistance.
Annual economic and trade transactions between the two country recorded around USD KD 3.6 billion (USD 12 billion), said Ahmad Al-Dhabe, an economist.
He told KUNA the Egyptian community in Kuwait was spending around KD 1.8 billion (USD six billion) on housing, education, health and travel in Kuwait.
Al-Dhabe said around 25,000 Kuwaitis were living in Egypt as well, of them 20,000 students.
He added around 165,000 Kuwaitis were visiting Egypt each year, spending around KD 100 million (USD 340 million).
The two countries, he said, were working on further improving business and investment environments with the main aim of luring further investments. (end)
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