Egypt spends nearly $500 billion on infrastructure projects in 7 years


Egyptian President Abdel-Fattah al-Sisi said on Thursday that the country has spent nearly 500 billion U.S. dollars on infrastructure projects in the past seven years.

Egypt’s President Abdel Fattah el-Sisi. /CFP Photo

“Adequate infrastructure is the key for development and luring investments,” Sisi said in a televised speech during one of the sessions of the 2022 African Export-Import Bank’s 29th Annual Meetings held in Egypt’s New Administrative Capital east of Cairo.

However, what has been implemented so far only covers 10 percent to 12 percent of Egypt’s total territory of 1 million square km, according to the president.

African countries have enormous agricultural potential but lack the infrastructure to manage their natural resources, Sisi said, urging global major banks to provide loans for Africa to upgrade its infrastructure for development projects.

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