Back to the complete issue
Tuesday, 25 June 2019

Egypt breaks silence on US Mideast economic plan

Egypt breaks silence on US Mideast economic plan: Egypt will attend this week’s Bahrain conference on Palestinian economic development to “listen to” and “evaluate” the Trump administration’s USD 50 economic plan aimed at restarting the Israeli-Palestinian peace process, Foreign Minister Sameh Shoukry said yesterday, according to Reuters. The gathering runs today and tomorrow in Bahrain.

A measured tone: The ‘Peace to Prosperity’ proposal unveiled by White House advisor Jared Kushner on Saturday has been criticized by politicians and commentators around the Arab world for not finding political solutions to the conflict. But Shoukry struck a measured tone in a televised interview with Russia Today yesterday, in which he refused to criticize the plan or make preemptive demands. “It is important for Egypt to participate to listen to this proposition and evaluate it … but not in terms of approving it,” the news agency quoted Shoukry as saying. “We have the right to evaluate it, view it and develop a vision about it, but the final decision about it goes back to the main stakeholder — the Palestinian Authority.”

Redrawing borders in the Sinai is (as we suspected) a complete non-starter: Shoukry poured cold water on rumors that the US could ask Egypt to give up some of its territory in North Sinai to expand the Gaza enclave. “There will be no renouncing one bit, one grain of sand from the lands of Sinai, which honorable Egyptians were martyred defending,” he told the Russian state broadcaster.

As a reminder: Under Kushner’s plan, Egypt would receive USD 9.1 bn over a decade to invest in transport, energy and water infrastructure projects. The proposal has led to on-the-ground grumbling in Palestine and Lebanon.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.