The two days of Egypt Economic Development Conference (EEDC) witnessed huge participation from Arab and international communities as well as investors and businessmen.
Several foreign investments have been pledged in the summit as the total value of aid packages announced from Saudi Arabia, Kuwait, Oman and United Arab Emirates amounted to $12.5bn.
A new government project has also boomed at the summit. “The Capital Cairo” is deemed to be one of the largest-of-its-kind infrastructure development projects in the world, according to the government, and will form a key part of the government’s economic reform programme.
The project will cost $45bn, and will take between five to seven years to complete, Ministry of Housing Mostafa Madbouly said, expecting that the population of Greater Cairo, currently estimated at about 18 million, will double within 40 years.
“In less than a year, the government achieved high rates of success at all levels, as well as eliminating bureaucracy, whether in electricity, new and renewable energy, and the Suez Canal, which will be more than just a pathway,” said Finance Minister Hany Kadry Dimian during the Summit.
Dimian added that the government has made a series of financial reforms that will reduce the deficit to 8% during the next three years. The government will also be directing all saved money to constitutional dues related to increasing spending on education and health.
The Suez Canal Project was also said to be the leading project for the Egyptian economy during the next years, according to Prime Minister Ibrahim Mehleb, who confirmed that investment revenues will be distributed to all Egyptians, which guarantees comprehensive and sustainable development.
Egypt aims to reach a 4% growth rate during the current fiscal year (FY) 2014/2015, and 6% over the next five years, according to President Abdel Fattah Al-Sisi. This comes in addition to decreasing the unemployment rate to 10%.