By Michael Georgy and Stephen Kalin
CAIRO (Reuters) - After four years of political turmoil, Egypt is staking its economic revival on an investment summit in Sharm el-Sheikh it hopes will burnish its image and attract billions of dollars.
The gathering, to be attended by global chief executives and officials including the International Monetary Fund's Christine Lagarde and U.S. Secretary of State John Kerry, is not just about money.
Egypt hopes the March 13-15 event will put it back on investor radar by projecting an image of stability, despite an Islamist insurgency in northern Sinai and militant attacks across the country.
Economic reforms, including cuts in energy subsidies, a long-awaited law cutting red tape, and efforts to eliminate the currency black market, have won praise.
But some in the international community still doubt Egypt -- a U.S. ally that controls the Suez Canal and has a peace treaty with Israel -- is serious about democratic change and human rights.
If the summit in the Red Sea resort of Sharm el-Sheikh succeeds, President Abdel Fattah al-Sisi could claim to be making progress on the economy and keep attention away from one of the fiercest crackdowns on dissent in Egypt's history.
Analysts say the economy could make or break Sisi, who as army chief deposed elected President Mohamed Mursi of the Muslim Brotherhood in 2013 after mass protests against Mursi's rule.
Hundreds of deaths and thousands of detentions followed, raising questions about the country's democratic credentials four years after an uprising toppled autocrat Hosni Mubarak.
Sisi has restored a degree of stability and raised hopes of economic recovery with the announcement of infrastructure mega-projects, including a multi-billion dollar expansion of the Suez Canal -- reminiscent of the grandiose programme of late Egyptian leader Gamal Abdel Nasser.
Sisi has promised to make a clean break from the past, when the state dominated the economy and businessmen close to Mubarak profited under crony capitalism.
The investment conference, where at least a few international companies are expected to announce deals with the government, has put a spotlight on whether Egypt can deliver on lofty promises.
"It's putting on a show and saying this is what we want to show you, and if they don't meet those targets then obviously they will be deemed to fail," said Angus Blair, chairman of business and economic forecasting think-tank Signet.
Saudi Arabia, the United Arab Emirates and Kuwait, who backed the Brotherhood's overthrow, have kept Egypt's economy afloat with $23 billion in oil shipments, cash grants and central bank deposits. But long-term prosperity requires billions more from foreign investors, who have stayed largely on the sidelines since 2011.
There are signs reforms are paying off. British oil company BP (L:BP) announced a $12 billion investment plan last week and Kellogg (N:K) won a months-long bidding war earlier this year for Egyptian biscuit-maker Bisco Misr (CA:BISM).
The Cairo bourse (EGX30) is up 7.3 percent this year, second only to Saudi Arabia among major Middle East markets.
Following a review last month, the IMF said structural and monetary reforms were starting to produce a turnaround. But it added more was needed to fix state finances and reduce unemployment.
The government is targeting a budget deficit of 10 percent of gross domestic product by 2018/19 from 15 percent last year. Unemployment, currently around 13 percent, is also a major challenge.
GDP is expected to grow four percent in the financial year ending in June, up from 2.2 percent last year, officials have said.
If all goes according to plan, Egypt expects to double foreign investment this fiscal year to $8 billion.