Egypt spends $400B on infrastructure to lure investments

 CAIRO - 1 November 2022: Minister of Planning and Economic Development Hala El Said said the state has spent $400 billion on infrastructure to lure in large investments and improve the quality of life for the Egyptians.

 

The minister's remarks were made during her meeting with a delegation of the Qatar Businessmen Association (QBA), chaired by Sheikh Faisal bin Qassim Al Thani in the presence of Head of the Federation of Egyptian Industries (FEI) Mohamed El Sweidi.

 

During the meeting, El Said briefed the Qatari side on the special law of the Sovereign Fund of Egypt which allows it to unlock unique assets for investors and engage the government to help implement structural reforms, adding that such law also maintains the rights of future generations and in the meantime enjoys resilience that is much needed by the investment sector.

 

The Fund is considered an important investment arm of the Egyptian government and seeks to explore available investment opportunities in cooperation with the private sector, she explained.

 

The two sides addressed means of beefing up cooperation and luring in Qatari investments to Egypt.

 

They reviewed a number of projects which are currently underway by the Fund and in partnership with investment consortiums including the development of the Tahrir Complex, the production of electric vehicles in the Exclusive Economic Zone of Suez Canal (SCZone) as well as other water and energy projects.