Egypt, Kuwait discuss guarantee mechanism for infrastructure financing

Egypt and Kuwait discussed establishing a mechanism to guarantee financing for infrastructure projects in the North African country, the Egyptian Planning and Economic Development Ministry said on Tuesday.

Planning and Economic Development Minister Ahmed Rostom, Foreign Minister Badr Abdel-Atty, and Kuwaiti Finance Minister Yaqoub Al-Refaei discussed the proposal on the sidelines of the International Monetary Fund and World Bank Group’s annual meetings in Bangkok.

The discussions focused on practical steps to expand economic ties, including activating the proposed mechanism in coordination with Egypt’s National Investment Bank (NIB), the ministry said in a statement.

The two sides also discussed ways to turn investment opportunities into development projects that serve their mutual interests, reaffirming Egypt and Kuwait’s longstanding relations.

Separately, Rostom and Abdel-Atty met with World Bank Group Chief Economist and Senior Vice President Michael Kremer to discuss Egypt’s economic performance and implementation of its economic and social development plan for the 2026/27 fiscal year.

Rostom said Egypt’s economy had demonstrated resilience amid regional and global geopolitical tensions, citing economic growth of 5.1 per cent in the previous fiscal year and an increase in the private sector’s share of total investment to 57.7 per cent.

The meeting also reviewed a national economic transformation programme being prepared under directives from President Abdel Fattah El-Sisi, aimed at building on previous economic reform efforts, the ministry said.