$200B-$300B needed to build Egypt: Sisi at EEDC2015
President Sisi during closing remarks at Egypt Economic Development Conference

CAIRO: Egypt needs $200 billion-$300 billion to create tangible hope for its growing population, President Abdel Fatah al-Sisi said in his concluding speech at Egyptian Economic Development Conference (EEDC2015) Sunday.

The strong international participation in EEDC2015 “sends a message” to the world and Egyptians, he added.

While stating that Siemens and General Electric reduced their profit margin in projects to be executed in Egypt, Sisi said that Egypt’s financial commitment to investors is “indisputable.”

General Electric agreed to decrease the cost of one of its projects by $100 million; Siemens approved a timetable of 18 months instead of 36 months to implement one of its power projects, saying it was a “challenge,” according to Sisi.

Sisi also said that Egyptians created change in 2011 by toppling President Hosni Mubarak, and in 2013 by toppling President Mohamed Morsi, adding that no one though Egyptians would be able to confront [the Muslim Brotherhood.]

He noted that if Egyptians wanted change for a third time, they would achieve it, but he “would not wait” for this to happen.

Dozens of investment agreements have been signed at the EEDC, in addition to agreements of loans, grants, lease, and deposits.

The president also called for the conference to be held annually in Sharm el-Sheikh to present the potentials of countries with economic difficulties.


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