Egyptian businesses to offer projects to global partners at summit

Deya Abaza, Tuesday 16 Sep 2014

Euromoney conference announces economic summit in February that could help Egypt achieve goal of $10 billion in foreign direct investments by next year

Ashraf Salman
Egypt's Investment Minister Ashraf Salman speaks at the opening of the Euromoney Conference in Cairo September 16, 2014. (Photo: Reuters)

Egypt's private sector will present projects at an economic summit in February in the hopes of attracting international partners, said Ashraf Salman, minister of investments, at the Euromoney conference in Cairo on Tuesday.

In addition to finding international partners, Salman said the Egyptian Economic Summit also aims to demonstrate that the government has an economic vision.

Following the election of President Abdel-Fattah El-Sisi in June, Saudi Arabia, Egypt's ally, called for a donor's conference to help boost the country's economy – hit hard by three years of political turmoil.

Hany Kadry Demian, Egypt's finance minister, said in a statement earlier this week that the government plans to ask the IMF for an economic assessment ahead of the conference in hopes that it will be in Egypt's favour.

A successful summit could help Egypt achieve its targeted foreign direct investments (FDI) of $10 billion by next year.

According to Salman, Egypt will need private sector investments of LE260-LE336 billion if it is to achieve its growth target of 3.5 percent by the end of the current fiscal year.


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