CAIRO: Ministry of Irrigation announced in a statement Monday the signing of protocols with 19 investors during the Egypt Economic Development Conference, that will build on an estimated 600,000 acres.
On Sunday, Minster of Irrigation Hossam Moghazy signed another protocol on the sidelines of the EEDC with Minster of Petroleum Shrief Ismail to drill 240 wells at a cost of 800 million EGP ($104 million.)
Moghazy held a meeting Monday morning according to the statement to explain the results of EEDC regarding the ministry, and said the summit’s gains exceeded the government’s expectations.
During his closing speech at EEDC; Prime Minister Ibrahim Mahlab said that the summit resulted in investments worth $72.5 billion.
Agreements of $36.2 billion in investment have been signed; privately-financed projects have reached $18.6 billion at EEDC, according to Mahlab. He noted that the $12.5 billion in pledged deposits and investments by United Arab Emirates, Saudi Arabia, Kuwait and Oman will be used in development projects.