FM: Norway's wealth fund to invest $1.5bn in Egypt

President Abdel Fattah El Sisi met on Saturday with Norwegian Foreign Minister Borge Brende in the presence of Foreign Minister Sameh Shoukry and the Norwegian ambassador in Cairo.

Sisi welcomed the top diplomat, appreciating positive development witnessed in bilateral relations. He hoped more promotion to be achieved in cooperation with Norway in all fields particularly in sectors in which the European country has edge, including shipping, port management, fisheries and renewable energy projects, said presidential spokesman Alaa Youssef.

The president lauded more investments by some Norwegian companies in Egypt and their participation in a number of ongoing projects. He underlined the necessity of continuing work to enhance economic and commercial cooperation between the two countries, said the spokesman.

Sisi stressed that Egypt pays attention to promoting coordination and consultation with Norway in regional and international issues of mutual concern, taking into consideration the constructive role played by Norway as regards the Palestinian cause and reconstruction efforts in the Gaza Strip.

Brende, for his part, expressed appreciation for the ties and distinguished cooperation between the two countries. He stressed strategic importance of Egypt for the Arab world and Europe.

He hailed the promising economic reform program implemented by the Egyptian government and an agreement recently reached with the International Monetary Fund.

The FM asserted his country's support as a partner of Egypt's in economic development. He said that the Norwegian wealth fund will invest $1.5 billion in the Egyptian stock exchange, showing Norway's confidence in the Egyptian economy.

He said that several Norwegian companies are interested in doing business in Egypt. He proposed a Norwegian business delegation to visit Egypt soon to explore investment opportunities.

His meeting with Sisi tackled ways of promoting economic cooperation and ways to raise Norwegian investments in Egypt, said the spokesman.

They also discussed regional issues in light of the crises in the Middle East, he added.