{"id":50500,"date":"2015-03-16T17:51:00","date_gmt":"2015-03-16T19:51:00","guid":{"rendered":"https:\/\/escaesco.com.br\/lab\/anba\/egypt-announces-us-60-billion-in-deals-at-conference\/"},"modified":"2019-06-30T13:01:37","modified_gmt":"2019-06-30T16:01:37","slug":"egypt-announces-us-60-billion-in-deals-at-conference","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/egypt-announces-us-60-billion-in-deals-at-conference\/","title":{"rendered":"Egypt announces US$ 60 billion in deals at conference"},"content":{"rendered":"

São Paulo – The deals signed during the Egypt Economic Development Conference reached US$ 60 billion, according to the country’s prime-minister Ibrahim Mahlab at the end of the forum held from Friday to Sunday (15th) in Sharm El-Sheikh, in the Red Sea coastline. The information are from the website of the Egyptian newspaper Al Ahram<\/em>.<\/p>\n

From this sum, US$ 36.2 billion were announced in various investments, US$ 18.6 billion were placed in engineer and construction contracts and US$ 5.2 billion were loans. The goals of the conference were to show the country’s economic potential after the reforms made by the government and attract the interest of investors, after four years of social, economic and political turbulence since the fall of former president Hosni Mubarak. <\/p>\n

At the start of the event, member countries of the Gulf Cooperation Council (GCC) announced US$ 12.5 billion in investments and financial aid to Egypt. Saudi Arabia, Kuwait and United Arab Emirates committed themselves to US$ 4 billion loans each, with Oman lending US$ 500 million. <\/p>\n

According to the Al Ahram<\/em>, companies from the United Arab Emirates were on top of the investments list during the event. The largest individual deal, however, were announced by British Petroleum, and involves investments in gas fields at the Eastern Delta of the Nile. <\/p>\n

According to the website, the majority of the deals announced were in the energy and real estate development fields, with little involving industry and agriculture. <\/p>\n

Egypt presented the projects it intends to carry on with the goal of attracting the interest of investors. One of them plans the construction of a new administrative capital in an area of 700 km2 located East of Cairo. The total cost is estimated at US$ 45 billion. <\/p>\n

Other projects are the development of an industrial and logistical complex along the Suez Canal with estimated costs of US$ 15 billion, and the widening of the Canal itself with estimated costs of US$ 8.2 billion. The maritime crossing that links the Red Sea to the Mediterranean is one of the main revenue sources of Egypt and the country intends to double its profits until 2023 with the widening project. <\/p>\n

Reforms<\/strong><\/p>\n

The Egyptian government also detailed legislation changes to improve business environment. On the day before the start of the conference, president Abdel-Fattah El-Sisi signed a new investment law that promises to reduce from 78 to only one the number of public bodies required for the investor to deal with to start a new venture, according to the Al Ahram<\/em>. The government also emphasized the reduction of fuel subsidies and of the ceiling of income taxes for individuals and companies from 30% to 22.5%.<\/p>\n

At the end of the event, Sisi said that the country needs investments of around US$ 200 billion to US$ 300 billion. More than just grow, Egypt needs development with social inclusion since, according to Al Ahram<\/em>, of the almost 90 million people, a quarter lives below the poverty line and other 20% are near it. <\/p>\n

The president was the main promoter of the conference that gathered around 2,000 delegates from 112 countries, including 30 heads of state and multinational corporation executives. Brazil was represented by the undersecretary-general of the Foreign Ministry (Itamaraty) Paulo Cordeiro, responsible for the Middle East and Africa. The Arab Brazilian Chamber of Commerce<\/strong> sent its government relations executive, Tamer Mansour. Egypt plans to hold similar events every year. <\/p>\n

*Translated by Sérgio Kakitani<\/strong><\/p>\n

Press Release<\/div>\n","protected":false},"excerpt":{"rendered":"

The three-day event promoted by the government had as its goal to show the economic potential of the country and attract interests of investors.<\/p>\n","protected":false},"author":2316,"featured_media":178491,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-50500","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"wps_subtitle":"The three-day event promoted by the government had as its goal to show the economic potential of the country and attract interests of investors.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/50500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=50500"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/50500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/178491"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=50500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=50500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=50500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}