KUWAITI INVESTMENTS IN EGYPT UP TO USD SEVEN BILLION

CAIRO, Egypt, Kuwaiti investments in Egypt, which are “growing day-by-day,” are in the USD 6-7 billion range, National Bank of Kuwait Group CEO, Issam Al-Saqer said, on Sunday.

In remarks at the bank’s Egypt branch’s 10-year anniversary celebration, Al-Saqer said, Kuwait, one of the Arab world’s largest investors in Egypt, is hugely convinced in the Egyptian market’s huge potential and magnitude.

This is despite numerous challenges the bank faced in its early years in Egypt, he said.

These include the global economic downturn, geopolitical conflicts, which led to a state of instability, and anxiety, prior to the Egyptian central bank’s decision to liberalise its exchange rate, he added.

National Bank of Kuwait – Egypt, achieved 75.84 percent growth, at the end of the third quarter of 2017.

Source: NAM NEWS NETWORK