The Egyptian Economic Development Conference (EEDC), which was held in Sharm Al Sheikh in March 2015, attracted investments valued at $160bn, exceeding all economic and political expectations both internationally and locally. Egypt is on its way to major development projects, instigated and planned by the government which will attract the private sector and multinationals in a comprehensive development strategy. Experts say the ratio of government to private sector investments is of 5:1 to 10:1, meaning that any government investment will attract five to ten times the same participation from the private sector, which will provide the services needed for all the various projects. The conference gave the government the opportunity to announce the 2030 plan for the country, mobilizing resources and funds as well as giving investors a clear vision of Egypt's future. "The train is leaving the station and we are moving ahead; join us, or you will be left behind." Mahlab said, in a clear message to the world that Egypt is moving forward with its agenda with a sense of speed and urgency. According to the PM closing statement, the government signed investment deals amounting to $72.5bn as facilities and loans (excluding the SCZ projects, the new capital or domestic investments). This amount is divided into $36.2bn signed investment contracts, $18.6bn vendor financed infrastructure projects mostly in energy, $5.2bn loans from international funds and banks as well as $12.5B investments/aid packages from KSA, Kuwait, the UAE and Oman. Most of the announced investments are going to the energy, real estate and agriculture sectors. The UAE-based companies claimed the lion's share of all signed deals, according to Al Ahram Online. "From the investors' point of view, Egypt is safe by international standards. When you divide the number of crimes committed in Egypt by the overall population, and do the same calculation in the States, or South Europe, you will find that Egypt fares better that many other supposedly 'safe' countries", Finances Expert Ehab Samra told Al Bawaba English when asked about investors disregarding the security challenges in the country and putting billions of dollars in funds. "Investors take rational, calculated risks before deciding whether to invest or not like in any business partnerships," Samra added concerning the huge contribution made by European companies to the power sector with deals worth $12bn. Regarding the U.S. contribution in the deals signed during EEDC Samra said that "apart from General Electric, the U.S. contribution wasn't very strong. American businessmen regret the undersized share of the USA, blaming the American administration for their erroneous policies and strategies which affect their businesses." "I expect an increase in the divisions within the American Administration. American businessmen will blame it for wasting several investment opportunities, the Pentagon and Arms Dealers as well, particularly when the Gulf countries have withdrawn their money from American banks to give it to Egypt", Samra added. A new administrative capital worth $45bn and vast urban development projects in the North Coast (Alamein) and the Suez Canal Zone will be implemented with the investments brought by EEDC. Sinai and Upper Egypt, two very sensitive regions in terms of security, which have long been neglected, will have their fair share of growth, including the golden triangle (Quena, Qusair and Safaga) and Aswan/Toshka. Beyond the financial gains, EEDC also succeeded to deliver a strong political message internally and to the international community. The attendance of 30 heads of state with senior delegations, more than 70 CEOs and executives of large multinationals, the heads of all international financial institutions, with a total number of 3500 delegates from 112 countries, was proof enough that Egypt had turned a corner after four years of political turmoil. "President Abdel Fattah Al-Sisi savored his triumph at the closing of the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh" the French "Le Monde" newspaper reported. On the domestic side, a flourishing economy will help eradicate terrorism at its roots by providing job opportunities, decreasing unemployment rate and accordingly reducing the number of young people who are tempted to join Jihadi militants. The success of the conference, not only gave hope to all Egyptians who have deeply suffered from deprivation during the past four years, it also changed the skeptics' perspective on President Al Sisi's governance. Younger generations seem to be changing their minds, especially after the 'famous selfie' taken at the conference's closing ceremony, showing a strong world leader who is comfortable among his peers.
