Over $70 bln pledged at economic conference - Prime Minister

Sunday 15-03-2015 07:45 PM
Over $70 bln pledged at economic conference - Prime Minister

Egyptian Prime Minister Ibrahim Mehleb arrives for the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo March 14, 2015.REUTERS/Amr Abdallah Dalsh


CAIRO, Mar 15 (Aswat Masriya) - Contributions worth $72.5 billion were pledged over the course of Egypt's Economic Development Conference, Prime Minister Ibrahim Mehleb said in his closing speech on Sunday.

The contributions were divided between investments, aid, and loans.

In a speech aired on live television, Mehleb said direct investment agreements worth $36.2 billion have been signed during the conference and await execution.

He added that funded projects worth $18.6 billion have been agreed on and $5.2 billion have been pledged by international funds and organisations in the form of loans.

Another $12.5 in assistance and investments were pledged by Gulf states of Saudi Arabia, Kuwait, the United Arab Emirates and Oman. In total these add up to $72.5 billion.

“The challenge starts now,” Mehleb said stressing that there is no alternative but to work day and night.

Egypt has long been campaigning for the three-day conference among regional and international trade allies. It strongly believes heavy participation in the conference would revamp an economy battered by political turmoil during the past four years.

President Abdel Fattah al-Sisi launched a call to turn this week’s gathering into an annual conference, not just for Egypt but for countries that are going through “difficult economic circumstances,” in a speech preceding Mehleb's.

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