Egypt to postpone economic conference because of 'investor reluctance'
Egypt to postpone economic conference because of 'investor reluctance'
A lack of enthusiasm from foreign investors has led Egypt to postpone its second economic development conference, an official has said, dealing another blow to the country's embattled economy.
2 min read
The Egyptian economy has been battered by political upheaval since the 2011 uprising [Getty]
An Egyptian official has said the government will likely postpone its second economic conference indefinitely because of "investor reluctance".
A source in Egypt's ministry of investment said the Egypt Economic Development Conference [EEDC] set to be held in May would be cancelled, just days after another major economic conference taking place in Egypt was called off.
Egypt held the first EEDC last year in the Red Sea resort of Sharm al-Sheikh with over 2,000 delegates from 112 different countries in attendance.
"International investors have been extremely frustrated since the last Sharm conference because the Egyptian government has failed to fulfil its obligations towards investors and turn memoranda of understanding into actual deals," the official told The New Arab.
Last week, the head of the World Economic Forum [WEF] on the Middle East and North Africa, which was scheduled to be held in Sharm al-Sheikh in May, cancelled the forum, citing "safety concerns".
The Islamic State group claimed responsibility for the bombing of a Russian passenger plane carrying holidaymakers from Sharm al-Sheikh last October, killing all 224 people on board.
"The government was relying on hosting the WEF and then holding the second economic conference so it could save face in front of investors. [The government] is worried about answering questions on what has been achieved since the first conference," the official added, who spoke on the condition of anonymity.
Last year's EEDC saw several multi-billion dollar investment deals signed and aid pledges promised from Gulf states.
Critics have said the investments have only been used to legitimise the rule of President Abdel Fattah al-Sisi, who came into power in 2013 following a military coup against the country's first freely-elected president Mohammad Morsi.
The Egyptian economy has been battered by political upheaval since the 2011 uprising, recently a dollar shortage has crippled import activity and hampered recovery.
A source in Egypt's ministry of investment said the Egypt Economic Development Conference [EEDC] set to be held in May would be cancelled, just days after another major economic conference taking place in Egypt was called off.
Egypt held the first EEDC last year in the Red Sea resort of Sharm al-Sheikh with over 2,000 delegates from 112 different countries in attendance.
"International investors have been extremely frustrated since the last Sharm conference because the Egyptian government has failed to fulfil its obligations towards investors and turn memoranda of understanding into actual deals," the official told The New Arab.
Last week, the head of the World Economic Forum [WEF] on the Middle East and North Africa, which was scheduled to be held in Sharm al-Sheikh in May, cancelled the forum, citing "safety concerns".
The Islamic State group claimed responsibility for the bombing of a Russian passenger plane carrying holidaymakers from Sharm al-Sheikh last October, killing all 224 people on board.
"The government was relying on hosting the WEF and then holding the second economic conference so it could save face in front of investors. [The government] is worried about answering questions on what has been achieved since the first conference," the official added, who spoke on the condition of anonymity.
Last year's EEDC saw several multi-billion dollar investment deals signed and aid pledges promised from Gulf states.
Critics have said the investments have only been used to legitimise the rule of President Abdel Fattah al-Sisi, who came into power in 2013 following a military coup against the country's first freely-elected president Mohammad Morsi.
The Egyptian economy has been battered by political upheaval since the 2011 uprising, recently a dollar shortage has crippled import activity and hampered recovery.
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