SHARM EL-SHEIKH, Egypt
Egyptian President Abdel-Fattah al-Sisi on Friday held a closed-door meeting with Palestinian Authority (PA) President Mahmoud Abbas, U.S. State Secretary John Kerry and King Abdullah II of Jordan in Egypt's resort town of Sharm el-Sheikh.
The meeting comes several hours before the launch of a three-day investment summit – also in Sharm el-Sheikh – aimed at reviving Egypt's economy.
The meeting between the four men tackled the latest developments on the regional and international fronts, as well as ongoing efforts to bring Palestinian demands for ending Israel's occupation back before the UN Security Council (UNSC), according to diplomatic sources.
In late December, the UNSC rejected an Arab-backed Palestinian draft resolution that had set 2017 as the deadline for a complete Israeli withdrawal from the occupied West Bank.
The bill failed to win the nine votes necessary for it to pass, with the U.S. – Israel's longstanding, veto-wielding ally – voting against it.
In response to the setback at the UNSC, the PA signed the Rome Statute – the founding treaty of the International Criminal Court – along with applications for Palestinian membership in 20 international treaties and organizations.
Eighty countries, along with 23 regional and international organizations, have confirmed their participation in Egypt's economic summit, according to Egypt's Foreign Ministry.
The Egyptian government plans to offer 50 investment projects worth a total of $35 billion during the three-day summit, ministry spokesman Badr Abdel-Ati told the press.
Among the projects is the Suez Canal Corridor Development mega-project, which is expected to account for 30 to 35 percent of Egypt's economy, he added.
Egypt is counting on the economic summit to restore investor confidence and hopes to attract $8 billion in FDI before the end of the current fiscal year ending June 30.
The country hopes to lure an additional $10 billion of FDI by the 2015/16 fiscal year to revive its economy, which has suffered major setbacks since the Jan. 25, 2011 revolution that led to the ouster of longtime autocrat Hosni Mubarak.
