Egypt eyes deals worth $20b

Sharm El Sheikh — Egypt expects to sign agreements worth up to $20 billion at an Investment summit in the Red Sea resort of Sharm El Sheikh, its investment minister said on Friday.

Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled Hosni Mubarak.

Cairo hopes the summit will allow it to double foreign investment in this fiscal year to $8 billion.

“I’m expecting here to see $15-$20 billion in agreements signed,” Investment Minister Ashraf Salman told Reuters, adding the deals would cover power plants, real estate and agricultural projects.

General Electric said it would INVEST $200 million in a manufacturing and training facility which it sees as part of an economic hub being built near the Suez Canal.

It also said it had delivered 34 gas turbines to Egypt as part of a $1.9 billion power project.