Kuwait-Egypt ties role model at Arab, international levels

Egyptian Interim President Adly Mansour's state visit to Kuwait tomorrow will further cement the foundation of bilateral relations, which were a role model of ties at Arab and international levels. The State of Kuwait has been reiterating firm support to egypt's security, political, economic and military stability, the very position that was adopted by Egypt during the Iraqi invasion of Kuwait in 1990. Kuwait has expressed backing to the Egyptian people and their will to change. Deputy Premier and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah said Kuwait was confident in the ability of the Egyptians to overcome their hardships. Kuwait has also extended all forms of economic and financial backing to Egypt. His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, who will be meeting President Mansour, instructed the government on July 10 to provide urgent assistance to Egypt. The aid includes USD two billion in deposit at the central bank, a USD billion donation and a USD billion worth of oil products. The cabinet said the aid was in solidarity with the Egyptian people who were facing critical moments. The Egyptian presidency thanked Kuwait "great and historic" support. Kuwait, which fought with Egypt in the 1967 and 1973 wars, has not forgot Cairo's firm backing when the former Iraqi regime invaded the occupied the country in 1990. Egypt demanded immediate withdrawal of Iraqi forces, and participated in the international alliance that liberated Kuwait in February 1991. The first economic agreements between Kuwait and Egypt were signed in 1964, paving the way for other agreements in many domains. Trade exchange amounted to USD 2.5 billion by end of 2012. Kuwait investments in Egypt represent 25 percent, or 12 billion Egyptian Pounds, of Arab investments. Kuwait invests in industry, tourism, finance, communications, information technology, construction and services. Kuwait Fund for Arab Economic Development extended 35 loans to Egypt between 1964 and 2012, with a value of KD 583.8 million.