Egypt: Dr. Rania Al-Mashat Discusses with the Kuwaiti Minister of Finance Strengthening Economic Relations, Investments, and Mechanisms of Integration in Light of Global Economic Disruptions

H.E. Dr. Rania A. Al-Mashat, Minister of Planning and Economic Development and International Cooperation, met with H.E. Eng. Noura Sulaiman Al-Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment of the State of Kuwait, during the activities of the Joint Annual Meetings of the Arab Financial Institutions held in the State of Kuwait.

The two ministers discussed ways to enhance joint cooperation between Egypt and Kuwait. The meeting also touched on developments in the economic situation and challenges at the regional and international levels, in light of recent economic developments.

The two sides reviewed areas of joint work between the two countries regarding planning, economic development, and international cooperation. The meeting also addressed ways to strengthen the brotherly bilateral relations and the close ties that bind the two countries. A number of topics and issues of mutual interest were also discussed.

At the beginning of the meeting, H.E. Dr. Rania Al-Mashat commended the bilateral relations between the Arab Republic of Egypt and the State of Kuwait, considering them a model of well-established relations in the Middle East, as they are historical, extended, and growing relations, particularly in light of the continuous attention and support they receive from the political leadership in both countries.

H.E. Minister Al-Mashat emphasized that the relations between the two countries are expanding to include many areas of joint cooperation, including economy, culture, education, and others. Kuwait is considered one of Egypt’s most prominent economic partners in the Middle East, as the interests of the two countries are intertwined in various fields. The relations between Egypt and Kuwait are not limited to bilateral aspects but extend to regional and international cooperation, where the two countries, in light of current regional and international challenges, exchange views and cooperate on many regional and international issues of mutual concern.

H.E. Dr. Al-Mashat also highlighted the state’s efforts to support industrial development, increase the volume of trade and commodity exports, focus on entrepreneurship projects, macroeconomic stability, and at the same time encourage competitiveness and empower the private sector through structural reforms. The structural reforms are based on three main pillars: enhancing the competitiveness of the Egyptian economy and improving the business environment, supporting macroeconomic resilience, and stimulating the green transition. This is to enhance the attraction of local and foreign investments, especially from the sisterly State of Kuwait. She praised the role of the Kuwait Fund for Arab Economic Development in supporting development projects in Egypt, most notably the projects of the Sinai Peninsula Development Program.

H.E. Minister Al-Mashat pointed out the Ministry’s endeavor to diversify the sources of financing available to the private sector from international institutions and the ongoing work to activate the European guarantees mechanism worth 1.8 billion euros, as well as expanding the scope of tools available from other international institutions. She noted that the development financing for the private sector from development partners amounted to 4.2 billion dollars last year, exceeding for the first time the financing directed to the government.

H.E. Dr. Rania Al-Mashat outlined the importance of the joint Egyptian-Kuwaiti committee, which works to achieve the greatest possible coordination and joint cooperation in areas of bilateral cooperation, in addition to the two countries’ connection through numerous cooperation protocols between various institutions of the two countries.

H.E. Minister Al-Mashat noted the outcomes of the 13th session of the Egyptian-Kuwaiti Joint Committee held in Cairo last September, during which an executive program for the agreement on scientific and technical cooperation between the government of the Arab Republic of Egypt and the government of the State of Kuwait was signed.

Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.