Egyptian investments in Algeria reach $3.6 billion: Egyptian PM

Sun, Nov. 18, 2018
CAIRO – 18 November 2018: During a meeting held between Egyptian Prime Minister Moustafa Madbouli and his Algerian counterpart on the margins of the 11th extraordinary session of the Assembly of Heads of State and Government of the African Union, Madbouli pointed out that Egyptian investments in Algeria have reached $3.6 billion.   Madbouli attends the session on behalf of President Abdel Fatah al-Sisi. Madbouli hoped Algerian investments in Egypt increase to take advantage of the available investment opportunities and possibilities, particularly in light of the strong performance indicators of the Egyptian economy, which is witnessed by economic organizations and international financial institutions. He praised the cooperation between Egypt and Algeria in various fields, referring to the outstanding participation of young Algerians in the World Youth Forum recently held in Sharm el-Sheikh. The prime minister said Egypt is looking forward to Algeria’s participation in the meetings of Invest in Africa Conference, which will be held in December in Sharm el-Sheikh. Regarding the regional situation, he affirmed the importance of boosting coordination between both countries on various regional issues, particularly the crisis in Libya, praising the important role played by Algeria and Egypt in restoring stability. Madbouli also stressed on the importance of speeding up procedures for granting visas to citizens of both countries, which will have a positive impact on enhancing cooperation and increasing tourism exchange. For his part, Prime Minister of Algeria, Ahmed Ouyahia, confirmed the participation of a large Algerian delegation in Sharm el-Sheikh conference. He said that his country looks forward to establishing joint investment companies between Egyptian and Algerian investors, which will have a positive impact on facilitating the work of these companies in the Egyptian and Algerian markets.