NBK optimistic over Egyptian economic potential

The National Bank of Kuwait (NBK) believes Egypt will remain a strategic market for its activities and is optimistic over the Egyptian economy's potential and promise. Kuwaiti news agency KUNA reports NBK CEO Sheikha Al-Bahar as telling a seminar in Kuwait City on Monday that amid the tough challenges facing Egypt at present, the Egyptian US dollar bond is a wise tool to help citizens and investors support the Egyptian economy.

The Egyptian US dollar bond is guaranteed by the Egyptian Government in coordination with the Central Bank of Egypt and the National Bank of Egypt. The bond is issued in $1000 denomination and its multiples without any ceiling. The bond provides a constant four per cent annual return for three years.

Recalling the effects of the political instability on the Egyptian economy, Sheikha Al-Bahar stressed there is a shared responsibility to support the Egyptian economy across the Arab world. Egyptian Ambassador to Kuwait Abdulkerim Suleiman for his part noted that the state of affairs in post-revolution Egypt means the country's economy's stability and strength relies on Egyptians themselves, whether athome or abroad, in view of exodus of foreign investment. Purchasing the dollar bond certificate had contributed to increasing remittances by $100 million, the diplomat said, urging his countrymen in Kuwait to buy the bonds.