Egypt spent $100 billion on infrastructure in 15 years
Egypt, Economics, 2/21/2000

Prime Minister Atef Ebeid said that Egypt spent about 100 billion dollars during the past 15 years to renovate and expand its infrastructure.

Ebeid said the funds were used to build stations, power and drinking water networks, airports, communications, irrigation, education and health.

Addressing a ceremony Sunday on the 25th anniversary of the establishment of the Islamic Development Bank, Ebeid said that these huge investments led to important developments in Egypt's future and established dialogue with national and international financing institutions.

The Prime Minister said that it was inevitable to carry out serious studies before carrying out projects.

"Such experience available now in our Islamic world and was acquired as a result of participation in hundreds of projects in various parts of the world," he stressed.

The Prime Minister called upon the Islamic Development Bank to take the initiative and urged national consulting firms which took part in major projects to hold an annual conference so as to establish a data base which could be used as a guide in future studies.

Ebeid suggested that the Islamic Development Bank calls for the convening of an annual meeting, at experts level, so as to exchange knowledge in the defferent fields.

The Prime Minister said that it was also inevitable to have a full program of funding. "Increasing funds should be directed to education and training," he added.

Ebeid suggested that the Islamic Development Bank urges regional and international funding firms to contribute to the Egyptian program to finance the national plan to modernize education. "The cost is expected to reach 15 billion dollar during the coming 10 years at an annual rate of not less than 1.5 billion dollar," he expounded.

"Half the necessary allocations for this programme, which is important for the future of Egypt, is expected to be covered by local financial markets," Ebeid said.

The Prime Minister said that Egypt strives, in its efforts to realize sustainable development, to build national technological bases and link them with similar advanced bases.

"This makes it important that we, as governments, should take speedy steps to build an infrastructure for the technological base," said Ebeid, adding that President Mubarak gave directives to place such steps on top priorities of national action.

The Prime Minister said that the government has decided to begin four tasks at once, namely:

To draw up a plan to develop 6 technological bases carefully chosen by national and international consultant firms. Three fields were chosen as a first stage: information, communications, biotechnology and new and renewable energy.

To set up a technological university, as a non-governmental non profit-oriented university to be financed by regional and international donor institutions and national institutions interested in supporting scientific progress.

To set up the necessary infrastructure to develop technological areas.

To invite international investment and research companies to work on the land of Egypt in implementation of President Mubarak's directives.

The Prime Minister pledged that the government would exert utmost efforts to catch up with technologically advanced countries, stressing that Egypt would be a "hub of the Arabs and Muslims" seeking to benefit from Egyptian experience.

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