On 23rd December 2014, Philippe de Fontaine Vive, Vice President of the European Investment Bank met with several Egyptian representatives of the public and private sectors. In preparation of the Summit to Develop the Egyptian Economy: Egypt is the future, which will take place in Sharm El Sheikh on the 13th, 14th, and 15th of March, they discussed Egypt's strategy to develop its attractiveness to new investors.
In November 2014 Egyptian Prime Minister Ibrahim Mehleb announced that a “Summit to Develop the Egyptian Economy: Egypt is the future” would be held in Sharm El Sheikh between the 13th and 15th of March 2015. In his announcement, Prime Minister Mehleb stressed the attention that would be given to the preparation of this Summit, which shall convince new investors of Egypt’s dynamism and potential. As part of this preparation, various government officials, representatives of the private sector as well as international institutions met on December 23rd in Cairo to discuss Egypt’s investment strategy.
Among the distinguished figures who participated in this meeting were the Egyptian Minister for Tourism; H.E. Hisham Zazou, the Egyptian Minister for Environment; Dr. Khalid Fahmi, the Chairman of the Egyptian Chambers of Commerce; Ahmed El Wakeel, the Chairman of the Union for Tourism Chambers; Elhamy El-Zayat, Dr. Alaa Ezz; Secretary General of the Confederation of Egyptian European Business Associations, Rania Al-Mashat; Head of Monetary Policy Department in the Central Bank of Egypt, H.E. James Moran, Ambassador of the European Union in Egypt as well as Philippe De Fontaine Vive; Vice President of the European Investment Bank were also present.
This meeting aimed at investigating the investments and cooperation possibilities between international financial institutions and Egyptian public and private sectors. From this consultation, the government decided to establish an action plan to prepare Egypt to welcome new investors, by reforming the legislation protecting investors’ rights for instance. Nonetheless, agreements for additional technical assistance and grants were at the center of the discussion.
Philippe de Fontaine Vive stated that Egyptian economy was very promising. Therefore the EIB was willing to support its efforts to develop and attract further investors by allowing it a new grant with an extended repayment period at a lower interest rate. This new loan adds up to the financial support from several other European initiatives but also cooperation with the French and German Development Banks.
Dr. Alaa Ezz explained that the areas of focus are as diverse as “trade, industry and transport sectors, logistics, tourism, energy and especially renewable energy, training, technology transfer, research and development & training”. This last point is particularly important as it was decided that Egypt would train newly graduated economic students to the mechanism of cooperation with international financial institutions in order to serve as consultants for the public and private sectors.
The day before, Philippe de Fontaine Vive had met with Egyptian Prime Minister Ibrahim Mehleb and signed a new loan agreement of 70 Mio. Euros to support the national program of pollution reduction (EPAP III).
Over the past three years, the EIB invested about 800 Mio. Euros in Egypt, half of which are in 2014 only. The government wishes these signs of trust from international institutions to be presented along with its multiple new development programs during this March conference in Sharm El Sheikh