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Egypt needs $61 bn in investments to grow at 5%: Investment Minister to Euromoney

Egypt's investment minister told Euromoney Egypt Conference that the country needs $61 billion in domestic and foreign investments to grow at five percent

Waad Ahmed , Monday 7 Sep 2015
Egypt's Investment Minister Ashraf Salman talks to the media during the Euromoney Conference in Cairo, Egypt September 7, 2015 (Reuters)
Views: 1829
Views: 1829

Egypt needs LE400 billion ($51.1 billion) in domestic investments and $10 billion in foreign direct investments to grow at a rate of 5 to 5.5 percent of GDP, minister of investment Ashraf Salman told the Euromoney Egypt Conference on Monday.

Egypt has embarked on 'aggressive' fiscal policy reform since the election of president Abdel-Fattah El-Sisi in June 2014 to clench the widening finance gap.

The government is targeting a 5 percent growth rate in fiscal year 2015/16, up from the expected 4.2 percent in the previous fiscal year. 

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11-09-2015 04:14am
Cabinet coordination
LE 400b domestic investment is 500% growth over the current LE 75b government investment. To achieve that in 1 year it means that this big gap has to come from the private sector, assuming there is no typo in the article. As unrealistic as this is, let’s assume it’s doable; then the Investment Minister needs to coordinate with the other Cabinet Ministers, especially the Interior and Justice to lighten up on promoting extremism and instability through their thug policing and kangaroo courts; so that stability might see rebirth and investors might feel comfortable entrusting their money to domestic investments! Otherwise, it’s not an investment plan, it’s a pipe dream!
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