CAIRO: Minister of Industry Mounir Fakhry Abdel Nour announced Friday that the proposed donors conference to support Egypt’s economy is scheduled to be held in November or early 2015 as a maximum, Saudi newspaper Okaz reported Friday.
“The venue and the participants in the conference are being discussed with the Saudi authorities,” Abdel Nour.
Following the announcement of Egypt’s High Presidential Elections Committee (HPEC) that Abdel Fatah al-Sisi had won the presidential election, Saudi King Abdullah bin Abdul Aziz called on leaders of Arab and Muslim countries to hold such conference in order to raise funds for Egypt’s battered economy.
In a congratulatory cable to Sisi, published by Saudi State-owned news agency SPA, the king said “I call upon all of Egypt’s brothers and friends to organize a donor conference to assist that country to overcome its economic crisis.”
The conference aims at demonstrating the government’s economic vision and legislative reforms and ways to encourage foreign investments during the coming phase, said Abdel Nour.
The conference will discuss the availability of new opportunities in several agricultural, industrial, construction and health sectors, said Abdel Nour adding that the upcoming period will witness a leap in the construction of roads and implementation of new services.
The government plans to develop the small project systems that represent about 80 percent of the Egyptian economic body, Abdel Nour said.
Saudi Arabia and UAE are expected to give Egypt about $8 billion economic aid, economic expert Ahmed Adam told Al-Madina on June 14.
“The Ministry of Investment is currently preparing a list of projects to be discussed during the upcoming donors conference,” official sources told Okaz newspaper on June 27.