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$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.

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