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Egypt: 6.8 billion of Kuwaiti investment for energy projects

Staff writer |
Egypt has agreed preliminary deals with Kuwaiti companies for the establishment of petrochemical projects worth $6.8 billion, the government said.

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Prime Minister Ibrahim Mahlab signed memorandums of understanding with Kuwaiti companies involving projects due to start in three to five years, it said in a statement.

A shortage in gas supplies has slowed petrochemicals projects in Egypt, which is suffering from an energy crisis.

The initial agreements signed on Sunday involved several companies, including Egypt Kuwait Holding Company, Kuwait Gateway Holdings and Boubyan Petrochemical Co.

The most populous Arab state will host an investment conference next month in the resort town of Sharm el-Sheikh which the government hopes will help to attract billions of dollars in foreign cash.

In a vote of confidence, the International Monetary Fund last week said that Egypt's structural and monetary reforms are beginning to produce a turnaround in the economy

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