Egypt offers 50 projects worth 35 bln USD in economic summit: minister

Egypt will offer investors 50 huge projects that cost up to 35 billion U.S. dollars in the upcoming Egyptian Economic Development Conference (EEDC), Egyptian Investment Minister Ashraf Salman told reporters on Thursday.

The EEDC is to be held in Sharm El-Sheikh resort from March 13 to 15.

"This is in addition to 10 other projects, including the establishment of a power station that is worth alone three billion dollars, that have been already promoted to foreign investors whose contracts are targeted to be signed by the beginning of the conference," Salman said at a press conference on the government preparations for EEDC.

The Egyptian minister stressed that the development of the Suez Canal Corridor is considered a leading project that represents about 35 percent of the future investments coming to Egypt.

Salman told reporters that about 1,700 confirmations to attend the conference have been received so far from official delegations, institutions, international keynote speakers and foreign and local investors "which is a very positive thing."

For her part, International Cooperation Minister Naglaa al-Ahwani said that the basic purpose of the conference is to send a message to the whole world that "Egypt is safe, stable, promising and investment-attracting."

The idea of an economic conference to support Egypt's ailing economy was an initiative of late Saudi King Abdullah who stood by the Egyptian new leadership under President Abdel-Fattah al-Sisi following the overthrow of the Muslim Brotherhood-oriented President Mohamed Morsi. Endit