Billion dollar deals signed as Egyptian economic summit ends

World Today

The last day of the economic summit in Egypt saw the signing of more deals and Memorandum of understanding (MOUs) in several fields, most significant is the MOU with China’s ministry of trade for a long term economic partnership.
Egyptian president Abdel Fatah Al Sisi addressed delegates on the final day.
He said Egypt has gone back years because of the political unrest and there must be huge efforts to make up for the lost time.

Yasser Hakim filed this report from Egypt.

Billion dollar deals signed as Egyptian economic summit ends

Billion dollar deals signed as Egyptian economic summit ends

The last day of the economic summit in Egypt saw the signing of more deals and Memorandum of understanding (MOUs) in several fields, most significant is the MOU with China's ministry of trade for a long term economic partnership. Egyptian president Abdel Fatah Al Sisi addressed delegates on the final day. He said Egypt has gone back years because of the political unrest and there must be huge efforts to make up for the lost time.

Highlights:

  • The Egyptian government had undergone major economic reforms and austerity measures in the last few months.
  • These reforms coupled with a new investment law were the catalyst for more deals to be signed in Sharm el-Sheikh this weekend .
  • Egypt targeted $25 billion to be signed. The result far exceeded $100 in contracts and MOUs.
  • The target may have been fulfilled by the government, but experts say there is s another more important element to the success of the summit: working hard to erase these problems.