Egypt’s Prime Minister Moustafa Madbouly and Kuwaiti counterpart Sheikh Jaber Al Mubarak Al Hamad Al Sabah on Monday witnessed the signing of a $1 billion deal to fund the second phase of Sinai development programme.
The two premiers also witnessed the inking of a deal worth $86 million to complete infrastructure projects in the Sinai peninsula.
The two agreements were co-signed by Investment Minister Sahar Nasr and Sheikh Sabah Al Khaled Al Hamad Al Sabah, the Kuwaiti foreign minister, who also heads the Kuwait Fund for Arab Economic Development (KFAED).
Nasr also signed a memorandum of understanding (MoU) with Kuwaiti Minister of Commerce and Industry Khaled Al-Roudhan to increase direct investments between the Egyptian Ministry of Investment and Kuwait Direct Investment Promotion Authority (KDIPA).
Following the signing ceremony, the investment minister said those agreements come as part of President Abdel Fattah al-Sisi’s directives to provide the necessary funding for development projects in Sinai.
The second phase of Sinai’s development programme includes the establishment of roads and drinking water networks and housing units, with a view to enhancing services offered to Sinai residents, she added.
She noted that free zones will be built within the programme’s second stage to lure investments into the peninsula.
The investment minister said the provision of infrastructure projects in Sinai will greatly contribute to improving services offered to residents, securing more jobs and boosting internal and external trade, in addition to stimulating tourism.
On his part, the Kuwaiti foreign minister said the KFAED was keen on strengthening its partnership with Egypt, especially with regard to the Sinai development programme.