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Egypt eyes growth rate of 7.5pct in 3 years: Finance Minister

Momtaz El-Said projects economic growth and predicts the creation of thousands of jobs as government intends to raise investment levels

Ahram Online, Monday 17 Sep 2012
Egypt eyes growth rate
Egyptian minster of finance Momtaz EL-Said (Photo: AL-Ahram)

Egypt's economy could reach a growth rate of 7.5 per cent during the coming 3 years in addition to creating 750,000 new job opportunities, said Momtaz El-Said the minister of finance on Monday at a conference for funding infrastructure projects, Ahram Arabic-language portal reported 

Last week the minister of planning and international co-operation stated that Egypt economy grew 2.2 per cent in the 2011/12 financial year that ended 30 June.

This represents a slight improvement on the 1.8 per cent growth the economy recorded in 2010/11.

El-Said explained that the anticipated growth rate will be achieved through the Public-Private Partnership (PPP) as the government eyes pushing up the volume of investments to LE276 billion ($46 billion) by the end of 2012.

There are 15 proposed projects under PPP’s system worth $8.3 billion as the first phase will immediately witness the execution of 6 to 8 projects while the rest will be see the light at a later stage.

Egypt’s current total investments is worth LE106 billion ($17.6 billion), including governmental investments (LE56 billion) and public and business sector (LE50 billion), according to El-Said.

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