arab states pledge billions at egypt investment meet
Last Updated : GMT 13:14:30
Arab Today, arab today
Arab Today, arab today

Arab states pledge billions at Egypt investment meet

Arab Today, arab today

Arab Today, arab today Arab states pledge billions at Egypt investment meet

Egyptian President Abdel Fattah al-Sisi
Sharm El-Sheikh - AFP

Arab states pledged $12 billion in investment aid to Egypt on Friday as President Abdel Fattah al-Sisi hosted a conference aimed at jump-starting the economy and positioning himself as a key force against jihadists.
Attending the conference at the Red Sea resort town of Sharm el-Sheikh, US Secretary of State John Kerry said Washington also stood beside Egypt as it seeks to recover from years of turmoil.
"The US is committed to supporting Egypt's economic reform. The American people are committed to the security and well-being of Egyptian people," said Kerry, who joined top global business and political leaders for the three-day conference.
Kuwait, the United Arab Emirates and Saudi Arabia pledged $4 billion each at the start of the conference, with most of the funds going to investment and $3 billion to be deposited in Egypt's Central Bank.
Kerry, who earlier met Sisi and the leaders of Jordan and the Palestinian Authority, told businessmen after landing in Sharm El-Sheikh that Washington was "eager and ready and willing" to help Egypt's economic development.
But a US diplomat travelling with him said there had been "no decision" on freeing up $650 million in military aid frozen during the height of a crackdown on Sisi's Islamist opponents.
Washington had released some of the aid, including the delivery of Apache helicopters Egypt says are important for its fight against Islamist insurgents in the Sinai Peninsula.
- 'Cornerstone of stability' -
Opening the conference, Sisi said that investing in Egypt -- the Arab world's most populous country -- would help stabilise the entire region.
Egypt's stability "is a cornerstone in regional stability," he said.
The former army chief, who won elections after toppling Islamist president Mohamed Morsi in 2013, has been criticised for unleashing a crackdown on Morsi's supporters that left hundreds dead.
He has portrayed his Islamist opposition as no different from radical militants such as the Islamic State group, which has affiliates in Sinai and Egypt's neighbour Libya.
"Egypt presents a model for Arab civilisation," Sisi said on Friday.
"A country that rejects violence and terrorism and extremism, a country that strengthens regional stability and peace."
Restoring the economy and attracting foreign investments have been key tenets of Sisi's presidency, with this week's conference already marked down as a milestone by his government.
In one of the biggest deals expected at the conference, British Petroleum is to sign a $12 billion agreement -- shared with its Russian partner DEA -- to develop Egyptian gas fields .
Conference consultant Richard Attias told AFP that "more than 30 projects will be unveiled, which can attract billions of dollars of investment."
General Electric, Unilever, ENI and HSBC are among companies and banks attending.
GE unveiled plans to set up a $200 million training and manufacturing facility in the canal city of Suez.
Presidential guards and hundreds of policemen have been deployed across Sharm El-Sheikh, located in the generally secure south of the Sinai.
Following his ousting of Morsi -- the country's first democratically elected leader -- Sisi faced criticism abroad for a crackdown on dissent.
"For Egypt this is not an economic event, but rather a political one," a Western diplomat told AFP.
- 'Put Egypt back on the map' -
Representatives from about 100 countries and international organisations are attending the event.
"The aim is to put Egypt back on the map of international investment, and send a message to the world that the country is safe and attractive," International Cooperation Minister Naglaa al-Ahwani said.
"They particularly want to return Egypt to the headlines in a positive way," said Aaron Reese, a researcher at the Washington-based Institute For The Study of War.
Projects in energy, transport, industry, telecommunications and housing will be offered for investment.
Sisi amended the law Thursday to make it more attractive for foreign investment, which has plummeted since the 2011 uprising that ousted longtime president Hosni Mubarak.
Among other things, the change lays down guarantees for deals signed with the government and offers incentives to finance labour-intensive projects.
Egypt aims for economic growth of 4.3 percent in 2015-2016, compared with two percent annually since the anti-Mubarak uprising, while also reducing the budget deficit and easing unemployment.

 

arabstoday
arabstoday

GMT 01:56 2017 Wednesday ,22 November

AED51.4b approved for 2018 Federal Budget

GMT 23:41 2017 Tuesday ,21 November

DFM welcomes delegation from Indonesian Stock Exchange

GMT 23:05 2017 Tuesday ,21 November

We must preserve our national gains

GMT 15:25 2017 Tuesday ,21 November

Ratings boost for Saudi reform program

GMT 11:46 2017 Tuesday ,21 November

S&P affirms Saudi Arabia credit ratings

GMT 23:37 2017 Monday ,20 November

Midfield Terminal Building is 86% complete

GMT 22:55 2017 Monday ,20 November

GCC pavilion to showcase at Expo 2020 Dubai
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

arab states pledge billions at egypt investment meet arab states pledge billions at egypt investment meet

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

arab states pledge billions at egypt investment meet arab states pledge billions at egypt investment meet

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Online exhibit shows hidden depths of

GMT 11:45 2017 Thursday ,23 November

Online exhibit shows hidden depths of
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday