“This event marks an important step for Egypt. It shows that Egypt is open for business.” Those were the words of World Bank Managing Director Sri Mulyani Indrawati as she announced a support package of $US 400 million to Egypt. The World Bank’s words of encouragement reflected those of the International Monetary Fund, whose chief Christine Lagarde declared that “the journey to higher growth has already begun.” At the opening ceremony of the Egyptian Economic Development Conference, Gulf States of Bahrain, Kuwait, Saudi Arabia, Oman and the United Arab Emirates pledged a total of $US 13 billion to Egypt. The announcement came after US-based Coca-Cola pledged to invest $US 500 million over three years and the European Union declaring it would provide at least $US 400 million in support. The United Kingdom’s Foreign Secretary meanwhile announced that British Petroleum had signed a $US 12 billion deal to develop oil and gas in Egypt. The deal, according to the Foreign Secretary, “is the biggest inward investment in Egypt’s history.” Smaller investments, including $US 42 million pledged by the French Development Agency, were also promised to various sectors in Egypt, including the…
‘Egypt Is Open For Business’ As More Than $15 Billion Investments Pledged
March 14, 2015
