Over $70 bln pledged at economic conference - Prime Minister

Contributions worth $72.5 billion were pledged over the course of Egypt's Economic Development Conference, Prime Minister Ibrahim Mehleb said in his closing speech on Sunday.

In a speech aired on live television, Mehleb said direct investment agreements worth $36.2 billion have been signed during the conference and await execution.

He added that funded projects worth $18.6 billion have been agreed on and $5.2 billion have been pledged by international funds and organisations in the form of loans.

Another $12.5 in assistance and investments were pledged by Gulf states of Saudi Arabia, Kuwait, the United Arab Emirates and Oman. In total these add up to $72.5 billion.

“The challenge starts now,” Mehleb said stressing that there is no alternative but to work day and night.

Egypt has long been campaigning for the three-day conference among regional and international trade allies. It strongly believes heavy participation in the conference would revamp an economy battered by political turmoil during the past four years.

President Abdel Fattah al-Sisi launched a call to turn this week’s gathering into an annual conference, not just for Egypt but for countries that are going through “difficult economic circumstances,” in a speech preceding Mehleb's.