Egyptian Minister of Investment Ashraf Salman addresses a session of the Egyptian Economic Development Conference, a cornerstone of the government's plan to woo desperately needed investors, in Sharm el-Sheikh, Egypt, Sunday, March 15, 2015 (Photo: AP)
Egypt has signed deals worth a total of $38.2 billion, besides the $12.5 billion pledged by Gulf leaders, during the economic conference, Egyptian Minister of Investment Ashraf Salman said at a presser on Sunday.
The sum includes investment deals worth $33 billion and European aid and grants amounting to $5.2 billion, said Salman.
Announced investments were concentrated in the oil and gas sector and power generation sectors. The largest deal was signed with British Petroleum, which committed $12 billion to develop gas resources and condensates to develop gas resources and condensates in the West Nile Delta over four years.
German conglomerate Siemens International signed binding agreements worth $4.6 billion for a 4.4 gigawatt power plant in southern Egypt, a project to generate 2 gigawatts of wind power, and a new wind rotor blade factory, CEO Joe Kaeser told AP.
Egypt has introduced feed-in tariffs for renewable energy projects and passed another law liberalising the production and transmission of electricity in past months to encourage private investment in addressing its energy crunch.
Egypt has also signed Memorandums of Understanding (MOUs) for potential deals worth $92 billion at the conference, according to Salman.