Egypt and Kuwait Plan Belt and Road Initiatives
The Afro-Asian Economic Council (AAEC), founded in 2017, has launched a project to link Egypt, Kuwait and other North African countries to China's Belt and Road Initiative.
Head of the AAEC Tareq bin Eid Al Obeid said last week that the project will attract investments to Egypt and other North African countries ranging from $2 trillion to $4 trillion. It will also increase international shipping traffic through the Suez Canal.
Egypt aims to attract more Arab, African and international investment. Daily News Egypt reports Essam Abu Al Hassan, vice president of the Afro-Asian Economic Council, saying that the North Africa-Asia linking project will make Egypt the most important sea and land corridor in the world. Egypt has been instigating economic reforms including a new Investment Law designed to overcome previous problems for investors in Egypt.
The AAEC plans include rebuilding Madinat Al-Hareer (Silk City) in Kuwait. Kuwait has allocated $450 billion to the project and also aims to turn the country into a trade and financial hub. In June 2014, the Kuwaiti government signed a cooperation agreement with China for developing Silk City and Boubyan Island as an economic belt. The Jaber Causeway (a bridge that links Kuwait City to Silk City) is currently under construction.