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Sisi invites developed economies to finance projects in Egypt

Xinhua, March 15, 2015 Adjust font size:

Egyptian President Abdel-Fattah al-Sisi on Sunday invited developed countries to finance the facilitated investment projects in the country.

"I invite advanced countries, the European countries, the American countries and China, to think about contributing to finance projects in Egypt carried out by their companies in a facilitated way to be paid off (by Egypt) over long years," Sisi said in a statement on the concluding day of the Egypt Economic Development Conference, which was held from Friday to Sunday in the Red Sea resort of Sharm El-Sheikh, south Sinai.

During the conference, Egypt sealed investment projects worth some 138 billion U.S. dollars with Arab and foreign companies, while also secured 12.5 billion dollars of financial aids from the Gulf states, including Saudi Arabia, the United Arab Emirates, Kuwait and Oman.

"Do not think that Egypt needs less than 200 to 300 billion dollars to be rebuilt, so that the 90 million Egyptians can live, work and enjoy for real," Sisi said.

The Egyptian president praised Germany's Siemens AG and American General Electric corporations for concluding facilitated energy deals with Egypt and for responding to the president's requests about time and cost of their prospect projects in the country.

During his speech, Sisi noted that he was invited to visit Germany by German Chancellor Angela Merkel, and that he is looking forward to the visit.

Egypt's economy has been suffering over the past four years that witnessed mass protests in 2011, in which its long-time ruler, Hosni Mubarak, was removed, and those in 2013 that ousted the former president and the Muslim Brotherhood-oriented leader, Mohamed Morsi.

"When Egyptians wanted to change (their leaders) in January 25 and June 30, they made it... And to be fair, if they want to change again they can make it, but I swear to Allah that I will never wait until this happens. Never!" Sisi said.

Some 90 countries and 25 organizations and international institutions, as well as top world economists, businessmen and diplomats, took part in the three-day economic event in Egypt.

Sisi said that Egypt will host this gathering every year in the same place the same time "not only for Egypt, but to be an annual economic gathering in favor of countries that are going through difficult conditions." Endit