Live Updates: Egypt Economic Development Conference
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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.

19:45: IMF head Christine Lagarde: dreams and aspiration cannot be achieved without work and that what Egypt is doing. Subsidy reform is being implemented, there are also great reforms in taxation.
 18:50: Renzi: we appreciate Sisi’s war against terrorism and his efforts for economic development.

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 Obama and his administration are fully committed to security and peace that Egyptians deserve.

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

18:10: Chinese envoy Gao Hucheng: Africa is one of China’s priorities, and New Suez Canal project has attracted many Chinese investors.
17:55: Oman provides $500 million in investments to Egypt, over a 5-year period
17:50: Lebanese Prime Minister Tammam Salam:Turmoil in Egypt since 2011 deprived the Arab world from an important role, and investment in Egypt is an investment in Arab security
 17:40: Mali President : The EEDC2015 is an important economic shift for Egypt and our country seeks to participate.
17:35: Mali President Ibrahim Boubacar Keïta: President Sisi has stood by our country, which indicates the special relations between Egypt and Mali.

17:26: Somali President Hassan Sheikh Mohamoud: Egypt is guaranteed to achieve success, “it is the future.”

 17:21: Abbas: Israel cannot remain above the international law, must choose between peace and occupation.

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.

 17:00: UAE VP pledges $4 billion in investments for Egypt, with $2 billion as deposit in the Central Bank of Egypt.

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: 40: Kuwaiti Emir Sabah bin Jaber pledges $4 billion in investments to Egypt.

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 diversity meets the ambitions of all investors.

16:20: In the long term Egypt will focus on human capital through reformed policies, and 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.

16:11: Sisi: Egypt has applied legal reforms to improve the investment atmosphere.

16: 10: Sisi: Egypt has put a police for sustainable development until 2016.

16:05: Sisi says Egypt is the first defense line for the many, and is a country against terrorism.

16:00: President Sisi begins his speech, thanks late Saudi King for calling for conference.

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