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Egypt to ‘rebuild pyramids’ as Sisi plots economic revival

Egypt is plotting a construction binge not seen since the Pyramids of Giza were erected with billions of dollars to be channelled into new power plants and expanding the Suez Canal as President Abdulfattah el-Sisi finally looks to modernise the economy after gaining power last summer.

Ashraf Salman, Egypt Investment Minister, speaking exclusively to the Telegraph in London, said that luring foreign direct investment back to the country after the uncertainty caused by the Arab Spring in 2010 is crucial to reducing the country’s deficit – currently 15pc of gross domestic product – and achieving growth of 3.5pc this year.

“We’re back after four years of turmoil and looking ahead,” said Mr Salman. “We’re going to launch mega projects as a catalyst for domestic and international investment for the country.”

A key area of investment will be power generation and distribution, which has been a major cause of disruption to the Egyptian economy for years. The country plans to double generating capacity to 60,000 megawatts of power over the next decade at a total cost of $45bn (£30bn) with the help of foreign investment, according to Mr Salman.

Read the full story from The Telegraph