Egyptian President Envisions Annual Conference For All Countries Struggling Economically

Egyptian President Abdel Fattah Al-Sisi has stated he aims to hold an annual economic conference in Sharm El-Sheikh that would not be just for Egypt, but for all countries struggling economically.

The statement came as the President gave a speech at the closing ceremony of the Egyptian Economic Development Conference, which has seen Egypt sign foreign investment agreements worth at least $US 158 billion.

Despite the large number of investments pledged at the conference, Egypt’s President said the country needs between $US 200 to $300 billion to ensure “there is real hope for Egypt’s 90 million people.”

The elated President, who invited youth organizers of the conference on stage with him where they all took a selfie, also declared that the Egyptian people, when they want change, can achieve change.

“When Egyptians wanted change on January 25 [revolution], they made it happen, and again on June 30. If Egyptians want change again, they will have it. But I won’t wait until this moment,” said the President on stage amid applause from the audience.

Near the end of his closing speech, Egypt’s President thanked the late King Abdullah of Saudi Arabia for proposing the conference.

Energy Deals

During his speech, Egypt’s President Sisi joked about haggling with General Electric over their 13,000 mega watt project in Egypt, saying that he convinced them to reduce $US 100 million from the cost of the project.

The President stressed the importance of investing in renewable energy and thanked General Electric and Siemens for their continued commitment to Egypt.

At least $US 30 billion in renewable energy deals were signed at the economic development conference.

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 attracted  2,500 delegates from 112 countries.