Egypt agrees $36.2 billion in investment deals

Egyptian Prime Minister Ibrahim Mahlab announced Sunday on that his country agreed USD 36.2 billion (34.5 billion euros) in investment deals, at the close of a three-day conference to kick start the economy.

Cairo: Egyptian Prime Minister Ibrahim Mahlab announced Sunday on that his country agreed USD 36.2 billion (34.5 billion euros) in investment deals, at the close of a three-day conference to kick start the economy.

The conference, which started with Arab Gulf countries pledging USD 12 billion in investments and aid, is seen by the government as a ringing endorsement of President Abdel Fattah al-Sisi and his fight against Islamist militants.

"Direct investment contracts that were signed are worth USD 36.2 billion," Mahlab announced at the end of the conference in the Red Sea resort town of Sharm el-Sheikh.

He added that Egypt also undertook 18.6 billion in financed projects such as for a power plant that the country would repay.

Egypt also won USD 5.2 billion in loans from international institutions, he said.

"It is for us now to work and sweat," Mahlab said.

The deals include a record investment by British Petroleum and its Russian partner DEA of USD 12 billion in Egyptian gas fields on the West Nile Delta.

German conglomerate Siemens signed a four-billion-euro power deal with Egypt, a company spokesman said Saturday.

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