KUWAIT: Lebanon wants to negotiate fuel imports with Kuwait to help Beirut cope with an economic and financial crisis, Lebanon’s internal security chief said in remarks published on Tuesday.
Abbas Ibrahim told Kuwaiti newspaper Al Rai he had discussed the matter with Kuwaiti officials during a visit to the oil-exporting Gulf Arab state this week along with other “shared ideas” that could help alleviate Lebanon’s crisis.
“We want to purchase 100% of our requirements from Kuwait without going through agents or companies looking to make a profit ... this is a purely commercial matter and I hope there will be no obstacles to it,” Al Rai quoted Ibrahim as saying.
He said the request would be raised to Kuwait’s ruler.
Lebanon is suffering a dire financial crisis and hard currency liquidity crunch. The Lebanese pound has lost some 80% of its value since October.
There was no immediate comment from Kuwaiti officials on the request. Abbas, in the newspaper interview, declined to elaborate on what other assistance Lebanon may have sought.
Gulf states have long channelled funds into Lebanon’s fragile economy but are alarmed by the rising influence of Hezbollah, a powerful group backed by their arch-rival Iran.
They appear loath now to help ease Beirut’s worst financial crisis in decades, with a senior official in the United Arab Emirates last month saying Lebanon was paying the price of deteriorating ties with wealthy Gulf Arab neighbors.
Kuwait is seeking to bolster its own finances amid low oil prices and the coronavirus pandemic, and has been rapidly depleting its General Reserves Fund to plug a budget deficit.
Another leading Kuwaiti newspaper, Al Qabas, quoted sources as saying it would be difficult for Kuwait at this time to consider supporting Lebanon through a central bank deposit.
Lebanon seeks fuel imports from Kuwait
https://arab.news/6ccp8
Lebanon seeks fuel imports from Kuwait
- Lebanon’s internal security chief said he had discussed the matter with Kuwaiti officials during a visit
Egypt, EBRD sign 6 MoUs to propel investment, energy, sustainable development
RIYADH: The European Bank for Reconstruction and Development has signed six memorandums of understanding with Egyptian government entities to enhance development cooperation and support national efforts in the areas of investment, energy, and sustainable development.
The North African country’s prime minister Mostafa Madbouly emphasized the importance of these agreements in supporting economic development efforts, strengthening the role of the private sector, and developing the energy sector’s infrastructure.
This will contribute to achieving the state’s objectives in the areas of sustainability, attracting investments, and developing productive capacities.
This follows Egypt’s recent economic momentum, with gross domestic product expanding by 5.3 percent in the first quarter of the 2025-2026 fiscal year, the fastest pace in more than three years, according to Minister of Planning and Economic Development Rania Al-Mashat.
It also reflects growing confidence in Egypt’s economic trajectory, driven by structural reforms, expanding productive sectors, and stronger real-economy activity, with growth forecast to reach 5 percent by the end of the fiscal year.
The newly released statement said: “The MoUs signed today included one to enhance cooperation in investment promotion. This MoU aims to establish a practical framework for promoting investment opportunities and raising awareness of investment mechanisms in Egypt, thereby contributing to increased foreign direct investment inflows and boosting the national economy.”
It added: “Another MoU was also signed to enhance private sector participation in sustainable development and expand private sector access to the Hafiz platform for financial and technical support, through a national roadmap.”
Hafiz serves as a unified national portal, providing companies with access to development financing, technical support, and advisory services.
This agreement seeks to support the Ministry of Planning, Economic Development and International Cooperation in boosting private sector involvement in the development process by linking private companies with international development partners via the Hafiz platform.
“The MoU also aims to enhance the utilization of national promotional tours by companies, particularly small and medium-sized enterprises, to increase their competitiveness and facilitate their access to international markets. This will strengthen institutional partnerships and support the achievement of the Sustainable Development Goals,” the statement said.
Among the deals signed was a project agreement to strengthen the country’s electricity grid between the Egyptian Electricity Transmission Co. and the EBRD as part of a broader cooperation framework aimed at enhancing electricity infrastructure and expanding the grid’s capacity to accommodate renewable energy sources.
An additional agreement included a €165 million ($192 million) financing deal for the Egypt Electricity Grid Enhancement Project. The initiative aims to strengthen the country’s power infrastructure by establishing and upgrading a 500-kilovolt substation in Cairo and constructing a 200 km high-voltage 500 kV transmission line to transport renewable energy from the Gulf of Suez region.
A €35 million investment grant and a €2 million technical cooperation grant were also signed as part of the project to support the strengthening of Egypt’s electricity grid.
