In a strongly worded letter calling for reconciliation between the state and Egypt’s businessmen, Hassan Malek, president of the Egyptian Business Development Association (EBDA), and president of the Council for Communication between the presidency and businessmen, said that President Mohamed Morsy had issued directives asking that the government move to reach a settlement with the nation’s businessmen.
Several prominent Egyptian businessmen had close ties with the former regime of Hosni Mubarak and are currently under investigation by the Illicit Gains Authority.
At a promotional conference for CI Capital, held over the last two days in London, Malek said that only businessmen could save Egypt’s economy from collapse, and with that in mind the government was eager to reach a final settlement.
Mahmoud Atallah, executive president of CI Capital, when asked about the extent to which businessmen at the conference welcomed such moves, said: “None have any reservations, and I call upon them and all other businessmen here today to return with me to Egypt on the same plane.”
The conference included business leaders Yassin Mansour, Hamed al-Sheety and Nassef Sawiris.
Atallah said that CI Capital decided to hold its first conference in London at this particular time in order to help attract investment into Egypt. He added that CI Capital undertook this campaign only after the complete restructuring of the company and re-appointment of a number of its senior leaders. These leaders, he said, were uniquely qualified to help secure investment and serve Egypt’s economy.
Hisham Ramez, the new president of the Central Bank of Egypt, said that the bank would focus on being transparent with investors and the market, and would conduct periodic meetings with stakeholders.
He added that meeting the demands of investors, in addition to helping to attract future investment, would exceed the value of Egypt’s pending IMF loan