The US business delegation, currently in Cairo for a four day visit, completed two US grant agreements to boost Egypt’s information and communication technologies infrastructure, Carl Kress, US Trade and Development Administration (USTDA) Regional Director for the Middle East and North Africa, announced yesterday.
Developing information and communication technology infrastructure will help boost Egypt’s economic growth, according to US business delegation officials.
The first grant agreement with Cairo Airport Company was signed by Magdy Badr, Chairman and CEO of Cairo Airport Company. This grant agreement will assist the Cairo Airport Company in improving the Cairo International Airport by providing the management with a blueprint of existing and future information technology needs at the airport.
The second grant agreement was signed by Mageda el-Sadee, CEO of Summit Technology Solution, which will provide for essential planning for a ‘Tier 2’ data centre in Katameya. This deal aims at enhancing Egyptian businesses productivity and efficiency. The new technology will also serve the government priorities, which includes creating job opportunities for local technology professionals, leading to advanced technology transfer.
Ossama Saleh, Egyptian Minister of Investment, said the US support could help Egypt achieve inclusive economic growth, which would generate a prosperous and strong Egypt that could serve as an anchor for political stability in the Middle East and North Africa region.
“Building and developing with the right business partners will dictate the phase at which our economy is going to recover,” Ossama Saleh said.
The US is among the top five investors in Egypt, investing up to $18.3 billion in foreign direct investment, mostly in the oil and petroleum sector. However there is a major investment imbalance between the different sectors that should be addressed, Saleh said.