Friday, March 13, 2015

Gulf states pledge a further $12bn for Egypt

Gulf Arab allies have pledged a further $12bn of investments and central bank deposits for Egypt at an international summit, a big boost to President Abdel-Fattah el-Sisi as he tries to reform the economy after years of political upheaval.

Kuwait, Saudi Arabia and the United Arab Emirates on Friday each offered $4bn to Egypt, which is grappling with armed fighters as it tries to improve the investment climate four years after a popular uprising that touched off protracted turmoil.

The UAE said it would deposit $2bn of its pledge in the Egyptian central bank, while Saudi Arabia said $1bn of its pledge would go to the bank.

Egypt hopes the conference in Sharm el-Sheikh will project an image of stability and improve investor confidence hit by the political upheaval touched off by the fall of veteran ruler Hosni Mubarak.


Cairo wants to double foreign investment in this fiscal year to $8bn, despite an insurgency in northern Sinai and frequent attacks across the country.
"I'm expecting here to see $15-$20bn in agreements signed," Investment Minister Ashraf Salman told the Reuters news agency earlier, adding that the deals would cover power plants, real estate and agricultural projects.

Egypt also expected to sign several memoranda of understanding at the conference, including one for the construction of a new administrative capital with a price-tag of about $40bn, Salman said. He gave no details.


Test for reform
The conference shaped up as an important test of Egypt's reform agenda under Sisi, a former army chief who wants to remove investment barriers to help turn around the ailing economy of the Arab world's most populous country.

Sisi's crackdown on opponents has drawn fire from human rights groups. But he has won praise from foreign investors by cutting fuel subsidies that imposed a heavy burden on the state and by implementing other reforms.

He told the conference that his vision for Egypt's economy centred on improving state finances and encouraging private sector investment through legislative reforms and respecting contracts in order to achieve growth rates of six percent over five years and reduce unemployment to 10 percent.

The head of the International Finance Corporation (IFC), a global development institution, said he was encouraged by Egypt's reforms but called for further action to improve the investment climate.

"We are happy to see that progress but there is a lot more work that needs to be done. The sign is positive, we need to see more," Jin-Yong Cai told Reuters at the conference.

He said Egypt's regulations, and their implementation, needed to be improved as well.

   [aljazeera.com]
13/3/15
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2 comments :

  1. Η Κυπριακή Δημοκρατία, από την αρχή, υποστήριζε θερμά τις πολιτικές μεταρρυθμίσεις και τις πρωτοβουλίες για οικονομική ανάπτυξη της Αιγύπτου, οι οποίες βρίσκονται στην ίδια γραμμή σκέψης με τις υφιστάμενες πολιτικές της κυπριακής Κυβέρνησης, δήλωσε ο Πρόεδρος της Δημοκρατίας Νίκος Αναστασιάδης, ο οποίος παρέστη και χαιρέτισε τις εργασίες του Διεθνούς Συνεδρίου με θέμα την Οικονομική Ανάπτυξη της Αιγύπτου που πραγματοποιείται στο Σαρμ Ελ Σέικχ...

    Ο Πρόεδρος Αναστασιάδης συμμετέχει στο Συνέδριο, συνοδευόμενος από τον Υφυπουργό παρά τω Προέδρω Κωνσταντίνο Πετρίδη, μετά από πρόσκληση του Προέδρου της Αιγύπτου Αμπντέλ Φατάχ Ελ Σίσι.

    Μιλώντας στο Συνέδριο, ο Πρόεδρος της Δημοκρατίας είπε, μεταξύ άλλων, ότι «το Συνέδριο αυτό λαμβάνει χώρα σε ένα σημείο καμπής για τη σύγχρονη ιστορία της Αιγύπτου, αφού βρίσκει τη χώρα να εισέρχεται σε μια νέα εποχή, μια εποχή που σηματοδοτεί το τέλος της πολιτικής αστάθειας και την απαρχή μιας μακροπρόθεσμης διαδικασίας για να φτάσει η χώρα στην προοπτική πλήρους ανάπτυξης της”.......................http://www.kathimerini.com.cy/index.php?pageaction=kat&modid=1&artid=201069
    13/3/15

    ReplyDelete
  2. US to decide on Egypt miliary aid 'very soon': Kerry...

    SHARM EL-SHEIKH (Egypt): US Secretary of State John Kerry said Saturday that Washington will decide "very soon" on freeing military aid to Egypt frozen since the army toppled Islamist president Mohamed Morsi in 2013.

    Kerry made the announcement on the sidelines of an international investment conference in Egypt, after four Arab states pledged to offer $12 billion (11.4 billion) in investment aid to help revive its economy.

    "With respect to aid and assistance, I really expect a decision very soon," Kerry told reporters in response to a question on when Washington planned to release the $650 million in military aid it froze after Morsi's overthrow.

    Washington annually offers about $1.5 billion in aid to Egypt, including $1.3 billion in military aid....................http://timesofindia.indiatimes.com/world/us/US-to-decide-on-Egypt-miliary-aid-very-soon-Kerry/articleshow/46565624.cms
    14/3/15

    ReplyDelete

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