Egypt to present “big” projects at March economic meet

Egypt intends to present major projects at an international economic summit to be held in its resort coastal town of Sharm El Sheikh in March, the chairman of the Arab country’s general authority for investment said in press comments on Thursday.

Hassan Fahmy told Egypt’s Arabic language daily Almasry Alyoum that the conference, which will be attended by investors from many countries, had originally been scheduled for February but was postponed to March to allow for the completion of the master plan for the mega Suez Canal Development project.

“The political leadership has asked the project consultant to prepare the master plan for the Suez project within six months, ending in February…this explains the postponement of the economic summit to March,” he said.

“We have big national projects which the government wishes to present at the conference especially after President Abdel Fattah El Sisi decided to expand the invitation to include all countries to attend this summit.”

Fahmy said projects to be presented include the $multi-billion Suez Canal scheme which was launched by Sisi in August as well as the Golden Triangle minerals project in southern Egypt, tourism projects in the Northern coast, reclamation of four million acres (16,000 square km) of land and the construction of 3,000 km of new roads.

“These projects cannot be presented to the conference before their master plans are completed…many other investment opportunities by the ministries will also be presented at the March conference,” he said.

“What interests Egypt at this stage is the diversity of investments…...we have seen strong global interest in the Suez project and in renewable energy projects to be constructed in the country.…the master plans for these projects will be completed before they are presented to international investors.”

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