Economic Forum: Egypt gest $ 70 billion in development aid. Gral. Sissi strengthened.
The stunning success of Egypt’s three-day economic conference in Sharm al-Sheikh could not have come at a better time, for the weeks prior had been difficult for President Abdel Fattah al-Sisi. Some 2,000 delegates attended, including heads of state, princes, high-ranking officials, CEOs of powerful regional and global companies, bankers and economists. Considering the presence of Jordan’s King Abdullah, the Emir of Kuwait, the King of Bahrain, the Crown Prince of Saudi Arabia, the ruler of Dubai , the Prime Minister of the United Arab Emirates , the managing director of the International Monetary Fund, the director the World Bank and U.S. State Secretary J. Kerry.
The most towering investments were in the energy sector: British Petroleum to invest $12 billion developing gas fields in the Nile Delta and a U.S. firm to build a power plant in the Delta worth $1 billion. Returns on their investments are guaranteed by contracts with the Electricity Ministry to purchase electricity.
Along with investment deals that totaled up to $36.2 billion, and construction projects worth $18.6 billion plus $5 billion in loans, Saudi Arabia, the UAE and Kuwait announced direct grants of $4 billion each to provide funds urgently needed by the Egyptian government. In all, more than $70 billion were signed off as investments, construction projects, grants and loans, with another $90 million pledged in memos of understanding, the government announced.
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