Great expectations: Egypt soliciting $4billion in investments
The government will soon make available investment projects worth upwards of $4bn to Arab investors in an effort to revive the economy, according to Minister of Planning and International Cooperation Ashraf Al-Arabi.
In a statement read to journalists at the Egyptian Cabinet headquarters, Al-Arabi said that the government had put the final touches on the country’s economic road map, which was currently being discussed. The road map included emergency measures to jumpstart the economy, such as paying dues owed to contractors and coming up with a medium-term economic strategy.
Al-Arabi said he had discussed on Monday with interim prime minister Hazem El-Beblawi the investment aspects of such measures, during a meeting held with the Economic Group that same day. Emergency investment projects would soon be implemented, he said, which would have a positive impact on the economy.
He added that he had recently met with an official economic delegation from the UAE led by State Minister Sultan Ahmed Al-Jaber, who he said had reinforced his country’s commitment to support the Egyptian economy and help fund investment projects. Agreements regarding such projects would be worked out at a later date, Al-Arabi added.
Hisham Ramez, Chairman of Egypt’s Central Bank, described the state of Egypt’s foreign currency serves as “reassuring”. He assured that such reserves would be enough to meet Egypt’s needs in the way of food and fuels.
- Calculating the true cost of regional strife
- Just BS? Why Israel's anti-BDS law can't really stop BDS internationally
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- Mansour bin Zayed new entrant to 2009 Arab billionaire list as UAE ranks second with combined billionaire wealth of USD 21.4 billion
- Drake & Scull progresses into Q3 with AED 3.4 billion worth of projects in H1
- THG celebrates unprecedented Cannes wins with plans to reach AED 1.4 billion in billings for fiscal 2006
- Kerry, Blair unveil plan to invest $4 billion in Gaza and West Bank