CAIRO: Prime Minister Ibrahim Mahlab met with UAE Minister of State Sultan Ahmed Al-Jaber in Cairo Tuesday to discuss the progress in projects within the Egyptian development program convention, according to a statement on Mahlab’s official Facebook page Tuesday.
The convention was signed in Abu Dhabi in October, 2013, and states that UAE will provide Egypt with U.S. $4.9 billion. The money is to be used in several projects to develop service sectors and facilities, in addition to improving the living conditions, life and human development for the Egyptian people.
There have been also discussions regarding future cooperation and investment in many fields, the statement added.
Jaber said that there must be quick solutions for the problems that face Emirati investments in Egypt, expressing his appreciation for Egypt’s efforts to develop the laws that protect investors and investments. He stated that such laws would encourage national and international investors to invest in Egypt.
Further, Minister of Trade and Industry similarly stated on Sunday that Egypt needs to improve laws regarding investment to reassure investors that their rights are reserved. This is accomplished “through enforcing the law and creating new laws to protect investors to increase investment in Egypt,” he added to Al-Hayah Al-Youm program.
The Emirati government finalized a pledge of petroleum aid worth U.S. $2 billion during the first week of April, an official at the Egyptian General Petroleum Corporation told Al-Shorouq newspaper Saturday.
The UAE will also be largely funding the million-housing-unit project that was announced by former Minister of Defense Field Marshal Abdel Fatah al-Sisi in March, which aims to provide housing for low-income citizens.