A general view of Cairo, Egypt. AFP
The Egyptian government also raised its real GDP growth rate target for FY2024/25 to 5 percent compared to 4.7 percent in the last forecasts.
This increase will be supported by the growth in real estate and infrastructure sectors, Heiba added in an interview with Asharq Business on the sidelines of the Cityscape 2023 exhibition.
In March, Finance Minister Mohamed Maait said the government decreased its real GDP growth rate target for FY2023/24 to 4.1 percent from 5.5 percent.
Maait stated that Egypt aims to achieve a primary surplus of 2.5 percent of GDP and for inflation to be around 16 percent in the current FY.
In April, the International Monetary Fund (IMF) adjusted the country's GDP growth rate to 3.7 percent in 2023 from its previous estimations of 4.4 percent.
IMF also downgraded its expectations for the country’s real GDP growth in 2024 to 5 percent from 5.3 percent. The Egyptian inflation rate will maintain its double digits position in both 2023 and 2024.