Sharm el Sheikh: Egypt had secured billions of dollars in investment deals and aid pledges at a conference.
Among the deals was a ¤4bn ($4.2 bn) agreement with German conglomerate Siemens for a 4.4 gigawatt power plant in the energy-starved country, and an additional 2 gigawatts in wind power, a company spokesman said. Another possible ¤6bn are in the pipeline with memorandums of understandings inked for more power plants.
The largest deal was penned with British Petroleum for a record investment of $12bn in Egyptian gas fields with Russian partner DEA.
About 100 countries and international organisations are attending the three-day gathering. Cairo University political science professor Mostafa Kamel Al Sayyed said that, “if it weren’t for the for the political aspect, I think we wouldn’t have seen the enthusiasm of several representatives of the Arab and Western states. Even China and Russia are standing by Egypt for the same reason.
AFP
