CAIRO: President Abdel Fatah al-Sisi emphasized Monday the state is “committed to meeting all its financial obligations” towards civilian companies, praising over 1,000 companies contributing to state-endorsed projects, Youm7 reported.
He encouraged private companies to invest in engineering equipment, saying that overall development cannot be at the hands of one person or institution. His statements came at the inauguration of 19 projects, executed by the Armed Forces in cooperation with civilian firms, in a video conference at the Air Defense Olympic Village in Cairo.
“We are living a very big battle for survival,” Sisi said, adding that national security is not limited to military readiness, but extends to state development and influential investment.
The former military strongman, who has heavily relied on the institution since he became president, admitted that the deadlines of several developmental projects are not commensurate with the performance rates sought by Egypt. He promised, however, to establish several factories and development projects in the coming period, according to Youm7.
Meanwhile, private investors are heavily participating in the mid-March Economic Summit in Sharm el-Sheikh, after years of hesitation since the 2011 uprising and turmoil.
Armed Forces tasked with major projects
The Armed Forces has been tasked with establishing 1,350 developmental projects since August 2012; total of 558 have been accomplished and 729 are underway, Youm7 reported Emad al-Alfy, head of the Armed Forces Engineering Authority, as saying at the event.
The military is executing three major national projects; the New Suez Canal with a deadline in August, a giant road network, 40 percent of which have been accomplished, and farming a million acres; 110 of 902 targeted wells have been dug in five months, according to Alfy.
Alfy added the projects include the fields of transportation, water supply, construction, education, and other public services.