Egypt’s investments in Algeria hit $3.6 bln: PM

Egypt’s investments in Algeria reached $3.6 billion, said Egyptian Prime Minister Moustafa Madbouly on Sunday.

This came during a meeting between the Egyptian prime minister and his Algerian counterpart on the sidelines of the 11th extraordinary session of the Assembly of Heads of State and Government of the African Union taking place in Ethiopia’s Addis Ababa on November 17 and 18.

Madbouly attends the session on behalf of President Abdel Fatah al-Sisi.

Madbouly hoped Algerian investments in Egypt increase to take advantage of the available investment opportunities and possibilities, particularly in light of the strong performance indicators of the Egyptian economy, which is witnessed by economic organisations and international financial institutions.

He praised the cooperation between Egypt and Algeria in various fields, referring to the outstanding participation of young Algerians in the World Youth Forum recently held in Sharm el-Sheikh.

The prime minister said Egypt is looking forward to Algeria’s participation in the meetings of Invest in Africa Conference, which will be held in December in Sharm el-Sheikh.

Regarding the regional situation, he affirmed the importance of boosting coordination between both countries on various regional issues, particularly the crisis in Libya, praising the important role played by Algeria and Egypt in restoring stability.

Madbouly also stressed on the importance of speeding up procedures for granting visas to citizens of both countries, which will have a positive impact on enhancing cooperation and increasing tourism exchange.

For his part, Prime Minister of Algeria, Ahmed Ouyahia, confirmed the participation of a large Algerian delegation in Sharm el-Sheikh conference.

He said that his country looks forward to establishing joint investment companies between Egyptian and Algerian investors, which will have a positive impact on facilitating the work of these companies in the Egyptian and Algerian markets.

Source: Egypt Today

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