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


More in News

Sprinting for Gold: Hemida Wins Big in Oran, and Makes History

Egyptian Streets2 July 2022

Egypt to Introduce Apple Pay and Samsung Pay: Central Bank of Egypt

Mona Abdou29 June 2022

World Bank to Provide Egypt with $500 Million to Boost Food Security

Farah Rafik29 June 2022

Egypt Triumphs to Historic Table Tennis Gold

Shereif Barakat28 June 2022

Death Sentence for Egyptian Man Who Killed Nayera Ashraf for ‘Rejecting Him’

Marina Makary28 June 2022

Missing News Anchor Shaima Jamal’s Body Found Buried Under Mansouria Villa

Mona Abdou28 June 2022

Egypt-Qatar Summit: Newly Reconciled Countries Committed to Furthering Cooperation

Eleonora Christo Vostanis26 June 2022

UN Concludes Palestinian Journalist Shireen Shireen Abu Akleh Killed by Israeli Forces

Egyptian Streets25 June 2022