Egypt has secured $60bn of direct investments and soft loans commitments to drive social inclusion and job creation in the country.

Several major companies announced investment deals during the Egypt Economic Development Conference (EEDC), hosted by the Egyptian government in the city of Sharm El Sheikh.

The largest deal was signed with British Petroleum for a record of $12bn in Egyptian gas fields with Russian partner DEA.

Other major deals were announced by General Electric, Eni and Siemens.

Siemens AG, a German multinational conglomerate company and the largest engineering company in Europe, said the money will go towards building a new 4.4-gigawatt gas-fired power plant in southern Egypt, and a project capable of generating 2 gigawatts of wind power.

Overall, the value of the investment commitments into the North African country consists of $36.2bn of direct investments, $18.6bn of EPC plus finance contracts and $5.2bn of loans from Egypt’s development partners.

Prime Minister Ibrahim Mahlab said: “We have set out a clear reform agenda focused on facilitating investments and driving inclusive growth that creates jobs and leads to benefits for all Egyptians. The speed at which we have acted has been felt here at the EEDC. The $60bn of agreements signed will have a positive impact on the people and economy of Egypt.”

“Our government is committed to pursuing policies aimed at achieving high and sustainable rates of growth and creating a predictable and competitive business environment,” he said.

“The legal and policy frameworks are in place. With the full participation of the investor community, and the hard work and persistence of the Egyptian people, together we can now begin to realize Egypt’s renewed blueprint for stability, investment and growth,” he added.

Additionally, $12.5bn of donations were announced by Arab states, with Kuwait, Saudi Arabia, United Arab Emirates each contributing $4bn and Oman providing $500m.