Egypt's Economy Recovers Strength after Revolution

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Researched by Industrial Info Resources (Sugar Land, Texas)--The Egyptian economy has recovered somewhat after two months of recession brought about by the recent revolution. The Egyptian government, headed by Egyptian Prime Minister Dr. Esam Sharaf, has discussed two projects with a total value of $14 billion this week.

The first project that will be discussed between Sharaf and BP plc (NYSE:BP) (London, England) is a huge natural gas project requiring an investment of up to $11‬ billion. The main part of the project will be located in the Western Sahara, along the Mediterranean coast and require five years for implementation. The company has already invested $1.5 ‬ billion in the project and will invest the balance in the coming years. The project is expected to provide 5,000 jobs.

BP's CEO confirmed that the company did not interrupt its work and activities in Egypt despite the recent events.

The second project is the establishment of a petrochemical plant in Mostorod, 10 kilometers north of Cairo, with an investment of $3.7 billion to produce 2.4 million tons of petrochemicals per year. The project will provide 10,000 new jobs, and it will secure half of the domestic needs for petrochemicals. Citadel Capital (Cairo) is providing for the project.

From his side, Sharaf stressed that ‮‬the Egyptian government gives priority to the implementation of mega-projects that provide new job opportunities for youth, ‮ ‬ explaining the government's attention to projects that will help develop infrastructure and revive the nation's economy.

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