CAIRO: The government has planned approximately 40 investment projects at local investment banks to be offered during the Economic Summit scheduled in March, Minister of Investment Ashraf Salman announced at a news conference held in Cairo Sunday, Youm7 reported.
Saudi Arabia called for the upcoming summit in June following the election of President Sisi, and invited the “friends of Egypt” to support its economy. Sisi later announced the Red Sea resort of Sharm el-Sheikh as the host of the summit.
“The projects are to be implemented in two phases; the first includes 28 projects, and 14 projects are included in the second phase, with each investment bank allowed given the right to select the projects it plans to promote during the summit,” Mubasher business website quoted the minister.
The government had initially intended to host the long-anticipated summit as early as in November 2014, but during the summer it was scheduled to be held from Feb. 21-22, 2015, only a few days after the Chinese New Year on Feb. 19, which is celebrated for days by several communities around the world, and was finally moved to March.
“We have invited nearly 120 countries and 3,500 investors to participate in Egypt’s Economic Summit,” said Salman.
Around 14 Egyptian investment banks in coordination with the French Lazard investment bank are promoting economic projects that Egypt intends to offer during the summit.