Egypt’s Minister of Planning Ashraf El Araby said on Monday that the Egyptian Economic Summit will be held in February to attract investment, according to Reuters.
The Egyptian Economic Summit, to take place in the resort town of Sharm el-Sheikh, hopes to attract foreign companies, donors and international organizations, the minister added.
In June, Saudi Arabia's King Abdullah asked countries to attend a donor conference for Egypt, his country's most populous Arab ally, following its election of President Abdel Fattah El-Sisi.
The UAE, Saudi Arabia and Kuwait have provided more than $12 billion in cash and petroleum products to prop up Egypt's economy since the ouster of Islamist President Mohammed Mursi last July. They see Mursi's Muslim Brotherhood as an existential threat and are keen to see Sisi succeed since he toppled Mursi.
Egypt wants long-term investments to improve the country's economy, which has been suffering ever since an uprising toppled President Hosni Mubarak in 2011. The unemployment rate is 13.4 percent, up from 9 percent in 2010, and 60 percent of youth are unemployed, said Arabi, a U.S.-educated economist.
El Araby said on Monday poverty rate in Egypt reached 26%, which is not a worrying level. Speaking on the sidelines of an economic conference in Cairo, the minister added that the government is seeking to establish strategies aimed at recording 7% economic growth over the coming period.
The Egyptian Economic Summit, to take place in the resort town of Sharm el-Sheikh, hopes to attract foreign companies, donors and international organizations, the minister added.
In June, Saudi Arabia's King Abdullah asked countries to attend a donor conference for Egypt, his country's most populous Arab ally, following its election of President Abdel Fattah El-Sisi.
The UAE, Saudi Arabia and Kuwait have provided more than $12 billion in cash and petroleum products to prop up Egypt's economy since the ouster of Islamist President Mohammed Mursi last July. They see Mursi's Muslim Brotherhood as an existential threat and are keen to see Sisi succeed since he toppled Mursi.
Egypt wants long-term investments to improve the country's economy, which has been suffering ever since an uprising toppled President Hosni Mubarak in 2011. The unemployment rate is 13.4 percent, up from 9 percent in 2010, and 60 percent of youth are unemployed, said Arabi, a U.S.-educated economist.
El Araby said on Monday poverty rate in Egypt reached 26%, which is not a worrying level. Speaking on the sidelines of an economic conference in Cairo, the minister added that the government is seeking to establish strategies aimed at recording 7% economic growth over the coming period.
Source:
Mubasher
