Egypt to hold conference in March to boost economy

Egypt will hold a major economic conference in March to support its ailing economy, Prime Minister Ibrahim Mahlab announced Saturday.
Mahlab told reporters at the cabinet headquarter in Cairo that the Egypt Economic Development Conference will be held in the Red Sea resort of Sharm El Sheikh on March 13-15, 2015.
The conference, which was called for by Saudi Arabia after the election of Abdel Fatah al-Sisi as Egypt's president in June, was scheduled to be held this month, but was later delayed to Feb. 21- 22, 2015.
The event will see the launch of a four-year development and investment program that will put the economy on a path towards inclusive and sustainable growth, Mahlab said.
The summit will also highlight the extensive reforms the Egyptian government has implemented to restore fiscal stability, drive growth, lure investments and improve social welfare of Egypt.
The conference is meant to attract billions of dollars in foreign investment over the planned four-year period to help improve the already staggering economy of Egypt.
Mahlab said that Egypt is firmly on the path to economic recovery, adding that Egypt targets a 3.8 percent economic growth in 2015.
Egypt's annual growth hovers around 2 percent since the 2011 revolution.
"Implementing and communicating a clear roadmap of business climate reforms is essential to fostering investors' confidence in Egypt and paving the way to genuinely inclusive economic and social reform," Mahlab said.
For her part, Egyptian Minister of International Cooperation Naglaa el-Hawny said the conference is a starting point for a new vision of Egypt's economy and a gateway for presenting opportunities to local, regional and international investors.
"We are working in close cooperation with our development partners, notably Saudi Arabia and the United Arab Emirates, to make this vision a reality," el-Hawny said during a press conference.