Egypt signs 36.2 USD in investment deals

Egyptian Prime Minister Ibrahim Mahlab said on Sunday that agreements worth 36.2 billion U.S. dollars were signed at an economic meeting in the country's red sea resort of Sharm El-Sheikh.

The 36.2-billion-dollar investment deals included those had been signed and were ready to be implemented, Mahlab said during his speech at the end of the three-day Egypt Economic Development Conference (EEDC).

"The conference also managed to get agreements on funded projects worth 18.6 billion dollars and grants and loans worth 5.2 billion dollars," he added.

The prime minister also said that the large international and regional presence at the conference shows that Egypt is on the right track.

The conference, proposed by the late Saudi Arabia King Abdullah last year, is one of Cairo's centerpieces to lure overseas investment so as to improve its staggering economy and social disorder.

Around 90 countries, and 25 organizations and international institutions took part in the meeting. Endit