Egypt Economic Development Conference
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Egypt Economic Development Conference مؤتمر دعم وتنمية الإقتصاد المصري |
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| Host country | Egypt |
| Date | 13–15 March 2015 |
| Motto | Egypt The Future |
| Venue(s) | Maritim Jolie Ville International Congress Center |
| Cities | Sharm El Sheikh |
| Participants |
Abdel Fattah el-Sisi Foreign Dignitaries (incl. 15 HOSG) Business Executives |
| Website |
www |
The Egypt Economic Development Conference (EEDC) was a three-day event that took place in the Egyptian Red Sea resort of Sharm El Sheikh. On March 13, 2015, over 2,000 delegates from 112 different countries arrived in Egypt to attend the conference.
On the first day, a proposal for a new Egyptian capital city was announced.Kuwait, Saudi Arabia and United Arab Emirates pledged $4 billion each; whilst Oman said it would provide $500 million.BG Group and BP both made a commitment to invest $4 billion and $12 billion respectively.
It had been initially suggested by the King Abdullah of Saudi Arabia, whose country, along with the United Arab Emirates and other Gulf monarchies, have been the strongest financial and political backers of Egypt's president Abdel Fattah el-Sisi since he led the ouster of Muslim Brotherhood-backed president Mohamed Morsi in the summer 2013, pledging billions of dollars in aid to the new Egyptian government. Sisi, who vowed to tackle the country's economic turmoil since the 2011 revolution, has announced austerity measures to lower Egypt's budget deficit.
In January 2015, the Egyptian government told an International Monetary Fund delegation that it aims to achieve a 3.8% growth rate by June, claiming that Egypt's economy grew by 6.8% in the third quarter of the previous year. During the conference, the IMF's chief, Christine Lagarde, praised the government's 2014 energy subsidy reforms and its plans to increase investment in the country, but she noted, citing World Bank figures, that it takes over 60 days to register property in Egypt and over 1000 days to enforce a contract. The day prior to the event, Sisi ratified a new set of investment and civil services laws following months of fiscal and legal reforms aiming to regulate and improve investment in Egypt ahead of the conference, a move which Lagarde described as "a very good step in the right direction" during her speech.
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