CAIRO – Egypt has spent about $400 billion to develop infrastructure projects over the past seven years, said President Abdel Fattah El Sisi.
About $40 billion is allocated to the “Decent Life” initiative, which aims to improve the quality of life in the poorest rural communities, he added during a discussion session on the sidelines of the Egyptian Petroleum Show 2022 (EGYPS 2022) on Monday.
President Sisi, meanwhile, welcomed the ministers and a slew of international companies for attending the conference.
The African continent was lagging behind the rest of the developing world in its progress due to historical reasons, he affirmed.
The African countries should not bear the consequences of colonialism, he said, adding that their resources should not be exploited again.
Africa has become the least developed continent and the most limited in terms of income and poverty, he said, noting that most of the population in the African continent lives without electricity.
President Sisi further said that the African countries are not ready until now to lure the renewable energy investments due to conflicts and instability.
He further voiced hope that the the United Nations’ Conference of Parties on Climate Change (COP27), which is due to be held in Sharm el-Sheikh in November, would come up with just resolutions in order not to bear the Africans the consequences of the circumstances of their countries.
During a discussion session on the sidelines of the Egyptian Petroleum Show 2022 (EGYPS 2022), President Sisi asked if more than 50 African countries are ready to implement their obligations to use renewable energy during the upcoming 30 years in light of the rise of violent extremism and increase in terrorism and the economic downturn in the African countries.
Due to several economic and social reasons, Africa should be given a bigger transitional period in order to be the second biggest market after the Asian continent.
President Sisi, meanwhile, urged the developed countries to provide support and aid to the poor countries.
He also said that Egypt was able to mitigate the knock-on effects of the Covid-19, thanks to its capabilities.
Egypt was one of the countries which attained economic growth during the pandemic, while taking all the necessary preventive measures, he went on to say.
Regarding the repercussions of climate change, President Sisi voiced confidence that humanity is capable of addressing climate change ramifications.
President Sisi also urged the participating companies in EGYPS 2022 to represent Africa’s voice from now and not to wait for the the United Nations’ Conference of Parties on Climate Change (COP 27), which is due to be held in Sharm el-Sheikh in November, in order to take into consideration Africa’s need for reviving its infrastructure and accelerating the use of renewable energy.
Concluding his speech, President Sisi welcomed the participants of the conference along with the CNN correspondent, who moderated the session.
