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Tuesday, 22 August 2017

"Egypt needs $200-300 bn to produce real hope for its people": Sisi

President El-Sisi thanks attendees at Sharm Economic Conference, asks Egyptians for 1000 times more effort; Minister of Investment says Egypt secured $33 bn in deals; Ahram Online provides full coverage of last day of EEDC

Ahram Online , Sunday 15 Mar 2015
El-Sisi
Closing speech of President Abdel-Fattah El-Sisi at EEDC on Sunday 15 March, 2015 (Photo: Fouad Mansour)
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19:00 That concludes the closing session of the Egyptian Economic Development Conference. Thank you for following Ahram Online.

18:45 Agreements worth $36.2 billion have been signed, says the PM, in addition to $18.6 billion for engineering, procurement and construction projects and $5.2 billion in loans.

18:35 “We have no choice but to work… We need to fight corruption, negligence and all that stands in our way,” he adds.

18:35 The Egyptian premier thanks the Arab and international world for their support to Egypt. 

“Egypt will be built with your support,” he says.
 

18:35 Egyptian prime minister Ibrahim Mahlab is now addressing the conference attendees. 

18:25 As the Egyptian Economic Development Conference nears its conclusion, a video is screened of its highlights.

17:45 “We have to look for investment in sports for the first time in the history of Egypt,” says Mahmoud Taher, president of the Al-Ahly club.

17:40 A workshop on development and investment opportunities in the sports sector is underway.

17:30 Egypt power projects first need a regulatory framework and fuel supply for bankability, says Seti Gabriel, Middle East and North Africa vice-president for Alstom, France.

15:30 An expected annual growth in demand of 6 percent means that an extra 6 gigawatts of power will need to be injected into the national grid every year until 2022, Minister of Electricity Mohamed Shaker tells a packed conference hall during a panel session on energy.

Egypt will connect its national power grid to that of Saudi Arabia by 2018, to exchange 3 gigawatts of electricity, said the minister.

A new electricity law, approved by the Cabinet, is expected to be issued within a couple of days, says Shaker. The law was expected to be issued before the conference, but priority was given to the investment law. Shaker says the new law will open the door for a more competitive market.
 

14:50 Egypt's electricity ministry has said that it has signed two deals to buy electricity generated from two future power plants whose construction was announced on Sunday at the conference.

Al Nowais Group from the United Arab Emirates has agreed to build a coal-fueled power plant worth $4.5 billion with a total production capacity of 2,640 megawatts on the Red Sea.

Benchmark from the United States has also committed to building another conventional power plant worth $1.5 billion in Egypt's Delta region with a total production capacity of 2,300 megawatts.

14:40 Egypt's ministries of telecommunications and supply will sign a deal with Saudi businessman Sheikh Kamel Saleh for a project aimed to digitize commercial registration.

Khaled Negm, minister of telecommunications, said the step would positively impact the daily life of Egyptians, giving the example of real estate registration. 

14:30 A workshop is underway for the representatives of international energy companies.

14:11 President Abdel-Fattah El-Sisi poses for photos with guests.

14:10 In closing, the president thanks the attendees:

"I thank you on behalf of the Egyptian people."

14:08 Addressing the Egyptian people, El-Sisi says: People have come from all over the world for you. Their readiness to work with Egypt is for you. We want to work with them and make a thousand times more effort.

14:02 Sisi says the Egyptian people were able to bring about change on 25 January and 30 June. And they are able to bring about change again.

"But I will not wait till this happens."

14:00 Sisi says the government wants to establish new governorates on the 4 million feddans of land to be reclaimed in the mega-project.

13:58 Sisi says Egypt will hold this conference annually.

"Not just for Egypt, but also for other economically-struggling countries."

13:55 I received an invitation from German chancellor Angela Merkel. Egypt is receiving 6 billion euros in funding from Germany. I look forward to visiting Germany and I respect this country much. 

13:54 Egypt needs no less than 200-300 billion dollars to produce real hope for its people.

13:50 Time is crucial. We need to complete the proposed projects soon. Egypt asked international companies to shorten the originally-proposed timeframes for completing the planned projects.

13:47  Sisi says: "Only 150 years ago, what is today a great country sent a delegation to Egypt to learn from us: It was Japan."

"I remind Egyptians and the world that Egypt is awakening now."

"People thought my country had died. But no, Egypt is a country God created for life."  

13:45 Sisi says Egypt is rich with 35 million youth.

The hall chants ‘Long live Egypt’ and Sisi joins.

13:41 President invites young organisers to walk up to podium. Organisers pose for selfies with the president.

##

13:40 President Abdel-Fattah El-Sisi walks into the main conference hall to start his closing speech at the EEDC.

13:35 Egypt has signed deals worth a total $38.2 billion, besides the $12.5 billion pledged by Gulf leaders, during the economic conference, Minister of Investment Ashraf Salman said in a presser.

This includes investment deals worth $33 billion and European aid and grants amounting to $5.2 billion.

Egypt has also signed MOUs for potential deals worth $92 billion, said Salman. 

12:45 The European Bank for Reconstruction and Development (EBRD) signs a joint declaration with the Egyptian Ministry of International Cooperation to support priority sectors over the next three years, according to a press statement issued by the conference.

“This declaration reflects the EBRD’s keenness to support the Egyptian economy during the current period through extending financing to key priority sectors,” said International Cooperation Minister Nagla El-Ahwany.

12:30 President Abdel-Fattah El-Sisi is holding a meeting with the King of Bahrain, Hamad bin Isa, state television reports. Bahrain is expected to pump considerable investments in the Egyptian economy.

12:25 Housing Minister Mostafa Madbouly tells state TV that the first phase of the new capital should be finalised within five to seven years.

11:55 President Abdel-Fattah El-Sisi is scheduled to address the conference at 12:30 pm. He is expected to make new economic announcements.

11:25 Emirati business tycoon Mohamed El-Abbar refutes widely-circulating media claims that Emaar, of which he is chairman, is in charge of implementing the planned new administrative capital.

In an interview with Egyptian TV anchor Amr Adib on Saturday, Al-Abbar explained that he co-founded new company Capital City Partners -- independent from Emaar -- to be solely responsible for the city.

"The new capital is a huge project, it needs focus, discipline and prioritising," he said, adding that Capital City Partners is in charge of designing and implementing the new capital, without subcontracting.

According to Al-Abbar, the aim of the new capital is to hold together government ministries, embassies and to introduce residential units that will serve all social classes.

11:10 Two international consortiums sign memorandums of understanding for two solar power plants with a total production capacity of 5,000 megawatts.

The first consortium is led by Sky Power Global, the largest developer of solar energy projects worldwide, and a Gulf company. They will construct a solar power plant to produce 3,000 megawatts over five years.

The second consortium is composed of Switzerland-based Terra Nex, and Terra Sola, headquartered in Bahrain. It will construct a solar power plant to produce 2,000 megawatts.

The memorandums were signed yesterday and announced this morning by the electricity minister Mohamed Shaker El-Markaby.

***

Ahram Online provides a blow-by-blow account of the final day's events of the three-day Egypt Economic Development Conference.

The first two days have been praised as a 'success' for Cairo by a number of world leaders in attendance.

Around 2,000 delegates from 112 nations, including 30 heads of state and executives of multinational companies attended the resort town of Sharm El-Sheikh for the event.

On Friday, Saudi Arabia, Kuwait and UAE pledge a total of $12 billion in aid and investment.

Around 2,000 delegates from 112 nations, including 30 heads of state and executives of multinational companies attended the resort town of Sharm El-Sheikh for the event.

The government hopes the conference will kickstart the economy after four years of political turmoil following the 2011 uprising.

On Saturday, Minister of Housing signed a preliminary deal with Emirati Capital City Partners to construct a new administrative capital for the country.

Saturday also witnessed the signing of multiple energy deals with international investors worth over $40bn to boost the crisis-stricken fields of power generation and oil and gas sectors.

On Sunday, More details are expected to be announced on the Suez Canal Development project.

The closing ceremony is scheduled to take place between 6 and 8pm.  

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Hans
16-03-2015 03:42pm
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The military state and allies will embezzle most of the money donated
And Sissi will blame it on terror!!!!I am not optimistic. We are dealing with a dishonest regime.
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Neo
17-03-2015 05:01am
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Fake MB?
Dishonest about what? Putting YOUR Brotherhood fakes in jail where they belong? This is the first time an Egyptian government talks and acts legitimately about the economy, not the fake religious beliefs and incompetent governance of the MB!
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KMS
16-03-2015 03:38pm
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false euphoria
Egypt is in the grip of a military rule since 1952. This is the roor cause of the problems facing Egypt. If Egypt wants to solve its problems, the military rule will have to be terminated. Yes, this involves the possibility of the return of the Islamists. But So what? let them return. We tried the military for over 60 years, and it utterly failed. Let us try the Islamists for a few years. Maybe they will succeed where the army failed.
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elsagav
06-04-2015 02:19pm
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egypt's economic future and stability.
the military or stable govt is what egypt has and needs. the mb practically destroyed egypt in one ! year. sisi saved egypt with action and vision. egypt's population growth has been its problem for thausands of years, and hopefully egypt will take care of it.
Neo
17-03-2015 05:11am
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Which Country?
Which county has “Islamist” government and is successful? None … Why? Because they are fake. They wear a fake religious badge on their foreheads and commit the most heinous atrocities against their people and their neighbors.
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J.M.Jordan
15-03-2015 09:57pm
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"Egyptians, we need 1000 times more efforts"
What does the President mean exactly? 1000 times more wiring of money? How can they if only 10% of folks have an account? Well, expats should more or less all of them be able to wire at least two digit sums. But the Egyptians in Egypt? They'll only be able to wire tomorrow when they too have a job, do I see this correctly? However they should all of them thankfully seize the opportunity of jobbing as soon as it presents itself. With. like in America, a "you're welcome" if anybody thanks them for that.
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ayman
16-03-2015 12:14pm
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1000 times more "effort" not money. 1000 times is just an expression which means we need to work much harder.
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