Kuwaiti investments in Sudan up to USD two billion – Minister
Dec 3, 2006 (KUWAIT) — Sudanese Minister of Finance and Economy Al-Zubair Hassan said Sunday that the Kuwaiti investments that top the list of Arab investments in his country, are up to USD two billion.
This came while speaking to KUNA after arrival here at invitation from the Kuwait-based Inter-Arab Investment Guarantee Corporation (IAIGC) and the Chamber of Commerce and Industry, to take part in a symposium titled “Investment Climate in the Sudan and the relevant guarantees,” slated for Monday at the Chamber’s headquarters.
He indicated the robust relations between both countries and reminded that Kuwait started investments in Sudan in the seventies and that the Kuwait Fund for Arab Economic Development (KFAED) eased lot of assistance to beef up his country’s economy.
He stressed that the Khartoum gathering, held last month, underlined the need for cooperation and strategic partnership with GCC states.
The minister predicted further Kuwaiti investments in his country including the establishment of an over USD one billion capital bank.
Hassan cited the purchase of the Sudanese national telecommunications company, Mobitel, by the Kuwait-based MTC (Mobile Telecommunications Company) and advent of other Kuwaiti companies for running business in the Sudan such as the Aref Group.
The Sudan, he went on, started its open economic policy in recent years and this came against the backdrop of economic stability, rise of the economic growth rate as well as political and security stability.
(KUNA)