Egypt signs economic deals with several countries at national summit

World Today

Attention in Egypt is turning to the economic conference and the ongoing summit in the resort city of Sharm El-Sheikh. The conference has an ambitious aim of helping to attract billions of dollars in foreign direct investment to Egypt.

CCTV’s Yasser Hakim filed this report from Sharm el-Sheikh, Egypt.

Egypt signs economic deals with several countries at national summit

Egypt signs economic deals with several countries at national summit

Attention in Egypt is turning to the economic conference and the ongoing summit in the resort city of Sharm El-Sheikh. The conference has an ambitious aim of helping to attract billions of dollars in foreign direct investment to Egypt. CCTV's Yasser Hakim filed this report from Sharm el-Sheikh, Egypt.

Highlights:

  • The Egyptian government outlined it’s vision for economic development in the opening session.
  • The short term plans were based on economic reforms and new laws for investment while the long term plans in sustainability and infrastructure projects.
  • At the summit’s main venue, deals were being struck in the congress center. Energy projects stole the show in the morning.
  • Contracts to establish power stations with UAE and Saudi Arabia totaled $9 billion. Meanwhile, contracts with Siemens totaled $10 billion and $2 billion with China for another group of power stations.
  • ENI Petroleum and BP signed an oil and gas exploration and concessions deal worth $17 billion.
  • Egypt is suffering from an acute energy crisis and the deals could go a long way in covering the country’s needs.
  • The New Capital is 700 Sq km, nearly the size of Singapore. It will have an airport one half  the size of Heathrow.
  • The capiral will also include 40,000 hotel rooms and 100 neighborhoods with all the necessary facilities to host a population of over 7 million people.
  • Another mega project is a $24 billion residential and touristic city on 2,800 feddans in the north coast on the Mediterranean Sea. It will have the largest man made lake in the world. The two projects will employ 2.5 million Egyptians.
  • Lola Van der Kamp

    This is all really encouraging news, especially the energy deals with Germany and the UK. I wish however that there was more news on raising the funds for completing the ‘The New Valley Project’ or ‘Toshka Project’ instead of hearing about a new $45B capitol being built which seems unnecessary. Also the $24B residential and touristic project on the north coast is great but the $90B New Valley Project has yet to be completed and the development of that infrastructure could go a long way for the sustainability of the country. They should continue with it as the preliminary part of the project that is already completed has bared fruit. Get Egypt back to its agricultural roots by investing in building the country on the backs of the hard workers who need to do something with their hands and the land.