News

$45 Billion in Foreign Investments Pledged For Egypt

$45 Billion in Foreign Investments Pledged For Egypt

“Investment is the key to Egypt’s welfare” hanging from the former National Democratic Party (NDP) headquarters, which was torched during the 2011 uprising that ousted President Hosni Mubarak. Photo/Mosa’ab Elshamy

Egypt’s state media has reported that as of noon on Saturday, $US 45 billion in foreign investments had been pledged for Egypt at the Egyptian Economic Development Conference (EEDC).

Among the investors are $US 13 billion from the Gulf States of the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait and Oman.

Egypt also announced its largest ever single foreign investment in its history, with Egypt and British Petroleum signing an energy deal worth $US 12 billion over four years, according to British Foreign Secretary Philip Hammond.

Meanwhile, German multinational conglomerate Siemens and Egypt signed a separate power plant deal worth $US 10 billion. Siemens’ CEO also promised to donate $US 210 million “to the Egyptian people” after meeting with Egyptian President Abdel Fattah Al-sisi.

On Saturday, it was also announced that US-based companies PepsiCo and Coca-Cola have pledged $US 500 million each in investments in Egypt.

The conference, held to boost foreign investment to restore Egypt’s economy, has attracted delegations from the United States, the United Kingdom, the European Union, Russia, United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Japan, China, India and more.

Among those in attendance are the US Secretary of State John Kerry, Palestinian President Mahmoud Abbas, Jordanian King Abdullah II, the United Kingdom’s Foreign Secretary Philip Hammond, Ethiopia’s Prime Minister Desalegn, Sudan’s President Omar Al-Bashir and other high level officials.

The conference will see 2,000 delegates from 112 countries come to Sharm El-Sheikh amid tight security.

This Mother Is Raising Five Children On Her Own In Egypt After Fleeing War Ravaged Syria
Pepsi Invests $500 million in Egypt

Subscribe to our newsletter


News

More in News

Opening Female Gyms in Saudi Arabia: Saudi Women Unhurriedly Acquire Basic Rights

Toqa EzzidinFebruary 22, 2017

Egypt Agricultural Exports Surge after Currency Float

Seif GhallabFebruary 22, 2017

Russia to deliver 50 MiG-29 fighters to Egypt on Schedule: Report

Toqa EzzidinFebruary 22, 2017

Globally Renowned Consulting Firms to Lead Reform of Egypt’s Ministry of Petroleum

Seif GhallabFebruary 21, 2017

11 Sentenced to Death for Port Said Massacre, Celebrations Held

Aya NaderFebruary 20, 2017

ISIS Releases Video Threatening Egypt’s Christians, Showing Church Bomber

Egyptian StreetsFebruary 20, 2017

Rockets Fired from Egypt’s Sinai at Israel for Second Time This Month

Egyptian StreetsFebruary 20, 2017

Top Oil Companies Plan to Invest in Egypt More Than Anywhere in the World

Egyptian StreetsFebruary 19, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 ES Media UG. All Rights Reserved.