CAIRO: The long-awaited Egypt Economic Development Conference kicks off today in the Red Sea resort town of Sharm el-Sheikh. Here are the live updates:
20:45: World Bank Managing Director Sri Mulyani Indrawati: We see promising attempts to address macro economic imbalances, for example by reducing the fiscal deficit. They could bear fruit when spending is adjusted in favor of areas that improve productivity and address inequality.
20:20: Russian Minister of Economic Development Alexey Ulyukaev: we have to support #Egyptian security because that’s where #Asia, #Africa and #Europe meet. Russian companies extract about 20% of the oil in Egypt.
20:12: French Finance Minister Michel Sapin says France is standing by Egypt through it’s transformation.
20:00: Lagarde: Egypt’s non-oil exports were only 5 percent of GDP last year.
18:45: Italian PM Matteo Renzi: Italy must be a bridge between Egypt and Europe.
18:30: Kerry: This conference means we are countering terrorism. President O
18:20: Kerry: A democratic, prosperous Egypt is important for the stability of the region, and we here all have an interest in the success of Egypt. The U.S. shared the necessity of this economic transformation before this summit. There are 160 heads of U.S. businesses present here today.
18:15: U.S. Secretary of State Kerry says American people are committed to the political security and economic wellbeing of Egypt
18:13: China envoy Hucheng: There is cooperation in tourism and clean energy, and China will facilitate access of Egyptian products into Chinese markets
17:26: Somali President Hassan Sheikh Mohamoud: Egypt is guaranteed to achieve success, “it is the future.”
17:20: Palestinian President Mahmoud Abbas: We stand with Egypt against terror.
17:15: Sudanese President Omar al-Bashir: Crossings between Egypt and Sudan will bring Egyptian exports to African countries, which will help Egyptian industry flourish and create opportunities for youth.
16:55: UAE Vice President Mohamed bin Rashid Al Maktoum says there is no Arab nation without Egypt, notes that the UAE has pledged $14 billion in the past 2 years.
16:50: Prince Muqrin pledges $4 billion in aid to Egypt, with $1 billion as a deposit in the Central Bank, and $3 billion for development projects
16:45: Saudi Crown Prince Muqrin: Egypt is among top 20 countries that export to Saudi Arabia and top 24 importing from it.
16:25: Sisi concludes speech, is met with standing ovation from all conference attendees.
16:21: Sisi: Two-thirds of Egypt’s population is under 40 years old, and 30 million are in the workforce, Egypt’s great
16:20:empowering women and the youth as well as those with special needs.
16:15: Sisi: Egypt has set a plan to produce more power to cover domestic consumption and increasing demand for power by investors.
16: 10: Sisi: Egypt has put a police for sustainable development until 2016.
16:00: President Sisi begins his speech, thanks late Saudi King for calling for conference.