Egypt’s Major Economic Summit Delayed to Mid-March – Minister

Egypt decides to postpone its major economic summit until mid-March 2015, the country’s finance minister Hany Qadry announced on Saturday.

The decision comes due to the fact that the Chinese New Year, also known as the Spring Festival, occurs during the month of February and celebrated among a number of major East Asia countries. This would have resulted in witnessing limited participation in the upcoming summit.

East Asia countries stand on the top of nations targeted by Egypt to carry out giant projects in Suez Canal development project.

Egypt’s upcoming economic conference aims at encouraging international investments in the country.

During the summit, Egypt’s government will present more than 15 mega-projects worth $100 billion to investors flying in from almost all parts of the world.

Egypt’s economy has struggled through years of stalled tourism flow, a decrease in local and foreign investments, and foreign companies’ suspending oil production. The downturn has thrust the country into the worst energy crisis it has faced in years.

The summit, to take place on mid-March, will host international companies and organisations, to encourage them to invest in the country.