Chairman of General Authority for Investment says that multi-billion dollar Suez Canal Development project master plan will be presented
Egypt intends to present major projects at an international economic summit that will be held in the resort coastal town of Sharm El Sheikh in March 2015, the chairman of the General Authority for Investment has said.
In an interview with Egypt’s Arabic language daily, Almasry Alyoum, Hassan Fahmy said that the conference would be attended by investors from many countries. It 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 for 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,” Fahmy 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.”
The projects to be presented include the multi-billion dollar Suez Canal scheme, which was launched by Sisi in August 2014. Also included will be the Golden Triangle mineral project in southern Egypt, tourism projects in the northern coasts and the reclamation of four million acres (16,000sqkm) of land. 3,000km of new roads will also be constructed, Fahmy added.
“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.”