Egyptian banks prepare for investment summit

Ahram Online , Thursday 11 Dec 2014

The government hopes to attract $20 billion worth of investments during a summit in March

Lazard logo
Lazard logo

Egyptian investment banks are preparing to sign confidentiality agreements with a financial advisory firm tasked with organising an investment summit in March.

The banks met with Lazard, which the government hired to organise the summit, and the ministers of investment and international cooperation three weeks ago, Mohamed Maher, head of prime holding for investments, told Aswat Masriya.

The summit will be held 13-15 March in the resort town of Sharm El-Sheikh.

Saudi Arabia and the United Arab Emirates are co-organising the summit with Egypt along with investment firms Lazard and WPP.

“Each investment bank will study projects that the government plans to put forward and choose the closest to their investment focus,” Maher added.

The government hopes to attract up to $12 billion in 20 projects during the summit as a key part of its reform plan, International Cooperation Minister Naglaa El-Ahwany said in November.

The government began implementing a reform plan in July, slashing energy subsidies and introducing new taxes.

Egypt has set a growth target of 3.5 percent for the fiscal year 2014-15 and deficit to reach 11 percent.

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