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

Egypt Releases Satirist and Vlogger Shady Abu Zeid After 2 Years

Egyptian StreetsOctober 18, 2020

Egypt’s Mufti Condemns Killing of French Teacher For Prophet Muhammed Caricatures

Egyptian StreetsOctober 17, 2020

Veteran Actor Mahmoud Yassin Passes Away, Aged 79

ES BuzzOctober 15, 2020

Egyptian Woman Killed in Maadi After Being Dragged by Car

Egyptian StreetsOctober 14, 2020

Egypt’s Health Minister Calls for Free COVID-19 Vaccines for Developing Countries

Egyptian StreetsOctober 13, 2020

Gal Gadot to Star in Cleopatra Biopic, Sparking Outrage

Egyptian StreetsOctober 12, 2020

Nearly Half of Arab Youth Consider Leaving Their Home Countries: AYS

Egyptian StreetsOctober 10, 2020

Nobel Peace Prize Winners: How WFP in Egypt is Transforming Lives

Egyptian StreetsOctober 9, 2020