Complex Made Simple

Egypt implementing projects worth $33bn

Country now working on solving all investment problems by end of year: Minister

Egypt’s Investment Minister Ashraf Salman announces that development projects worth $33 billion are being implemented currently in the country, Kuwait-based Al Rai Newspaper reports.

He says that these projects were signed during the last Economic Forum, as the total value of signed contracts reached $63bn. He points out that the projects being implemented currently include the execution of power stations, gas fields’ exploration and transport projects.

The minister adds that the rest of the signed contracts (their value amounting to $30bn) will be implemented soon, but they need time due to their nature, like the coal project, which requires determining electricity price from coal, by using the help of international experts.

Salman stresses that the country is now working on solving all investment problems by the end of the year, as the Dispute Resolution Committee now meets every two weeks, instead of meeting once every two months, to discuss 15 problems at least.

He adds that the government’s main aim is to meet all investment contracts without reaching international arbitration which costs the country a lot of money.

($1 = AED3.67, at the time of publishing)