Sisi: Egypt Spent EGP 4 Trillion on Infrastructure Recently

President Abdel Fattah El Sisi revealed on Saturday that Egypt has spent about EGP 4 trillion over the past years on infrastructure.

Speaking on the sidelines of the Investment for Africa 2019 forum on Saturday, the president said that a lot of people were impressed by the work we did, adding that many do not understand the idea that the a state and private sectors should participate in the development of infrastructure, which will contribute to higher investments.

"A plan to develop the continent's infrastructure must be implemented, and the private sector should contribute to this to help complete it within 10 years, because if countries rely on their resources, it will take at least 30 years to develop the infrastructure," Sisi added.

"We bring this to African public opinion because the continent can afford it, whether it is financed at the national level or through loans," Sisi said.

"Speaking of Egypt, we already had an existing infrastructure, however, we spent about $ 250 million upgrading it," he pointed out.

President Sisi pointed out that upgrading the infrastructure in each African country independently will face great challenges, suggesting that huge funding for the implementation of these projects at the continental level will be more efficient.

"The presence of international leaders, investors and local financial and economic institutions at the Forum reflected a genuine will to work in and with Africa," he stated.

He added that Africa has real opportunities to invest in it, especially with a population of 1.2 billion citizens as well as vast natural resources.