Egypt seeks to attract US$12 billion investment in energy and transport

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Egypt will offer a slew projects including energy and water to domestic and foreign investors, the Egyptian Prime Minister, Ibrahim Mahleb has announced. The projects that will be offered in March at a conference are aimed at kick-starting the North African economy which is reviving from the years of political unrest.

Mr. Mahleb added that the gathering will be the cornerstone for Egypt’s economic revival and aims to provide the resources used to improve health care services, the educational system and provide energy to all. He said the conference will send a message to the world that Egypt needs a strong economy that can stabilize the region.

The Egyptian government has also resolved the disputes with existing investors as it seeks to revive the economy battered by close to three years of political turmoil that ended Hosni Mubarak’s era. The conference is part of the government’s economic reform plan that has resulted in slashed energy subsidies and raised taxes.

The Egyptian Minister for International cooperation Naglaa Al Ahwany said Egypt hopes to attract investments of $10-$12 billion in 20 projects, including energy, transport and water at the conference. “Most of them are in the areas of energy, transport, water and grain storage,” she said in an interview with Reuters.

Master plans for industrial and logistics hub near the Suez Canal and the development of a mining zone in South Eastern Egypt will also be showcased at the planned conference. The minister added that the investment opportunities in those mega projects will, however, not be ready in time for the meeting.