Egypt will present 30 different investment projects worth a total of $20bn at the Economic Summit in March, Minister of investment Ashraf Salman said Sunday.
Egypt will continue to develop despite the insistence of certain parties to cause devastation, Prime Minister Ibrahim Mehleb said on Sunday, assuring that the Economic Summit will take place as scheduled this March in Sharm El-Sheikh, and there are no intentions to postpone.
Speaking at a press conference in that regard, Mehleb said the upcoming parliamentary elections convey a strong message to business communities, that Egypt is on the right path, economically and in terms of security, and that it will continue to map its future.
The prime minister further noted all efforts are being taken to complete the necessary steps for the summit in connection with all Arab countries. The government is in regular communication with the world, he said, in order to correct Egypt’s image abroad to reassure fellow countries that the security situation in the country is stable.
Mehleb added that the summit will include 12 sections pertaining to various fields such as health and education.
On his part, Minister of Investment Ashraf Salman stated that economic reform in Egypt began with applying fiscal discipline, which pushed a number of institutions to raise the credit rating for Egypt.
Salman said there are currently 40 private sector projects in the works, 30 of which will be presented at the summit and offered to investors. He estimated the projects will attract $15 -20bn.
The investment minister added that the launching unit responsible for licensing all the summit’s projects will be based within the investment ministry. The remaining projects will be continuously on offer through until they capture the interest of investors.
The reform garnered positive results in the first quarter of fiscal year 2014/2015, where direct foreign investments of $ 1.8bn were achieved, he said.
He added that the summit will present the government’s economic policies, especially the legislative policy, to facilitate the procedures of investment in order to create an attractive investment environment.
Salman pointed out there have been amendments to the money markets law to allow a safe exit for the investor. Some amendments were also made to the law governing industrial lands allocation, in addition to the local product preference law, which will attract direct foreign investments.
Salman noted that investment banks will receive commissions for promoting the projects, which means they will receive a percentage of the money they attract to the project.
Meanwhile, Saudi Arabian Finance Minister Ibrahim Al-Assaf said the preparation for the summit is going well, and Saudi investors are willing and determined to increase their investments in Egypt and are visiting Egypt during this period.
Moreover, UAE Minister of State Sultan Ahmed Al-Jaber, who is also chairman of the coordinating bureau of projects between Egypt and the UAE, said that his country will not abandon Egypt and will keep supporting it economically during this current phase, noting that the conference will lead towards the implementation of a permanent development and reform plan for the Egyptian economy.
The summit will be an opportunity to inform global business communities of all economic updates in Egypt, he explained, based on the government’s legislative and structural reform plan that aims to promote growth and achieve economic stability.
Meanwhile, Minister of International Cooperation Naglaa Al-Ahwany continued that the success of the summit will lead to an economic boom for Egypt, as it aims to improve the standard of living for Egyptians.
She continued that the summit’s secondary goal is to announce the government’s economic vision and fiscal, monetary and social policies, in addition to its investment climate to reassure the international financial and business communities.
Al-Ahwany further mentioned that President Abdel Fattah Al- Sisi will give a speech on the first day of the summit, while Prime Minister Ibrahim Mahlab will deliver a speech on the second day.
She added the government will promote ten sectors, most importantly electricity, communications, education, health, infrastructure, entrepreneurs and youth investors.
The Economic Summit will also present a group of projects by investment banks in different sectors, in addition to partnership projects between private and public sectors.