75% Of First Stimulus Package’s Projects Completed: El-Araby

Around 75% of the interim government’s first stimulus package projects are now complete, Minister of Planning and International Cooperation Ashraf El-Araby announced Monday, state-run news agency MENA .

El-Araby added that the remaining 25% will be completed within one to two months.

The interim government’s stimulus plan, which was said to span between six to nine months starting from late August 2013, amounts to EGP 29.6bn. It is aimed at generating 3% economic growth over the fiscal year 2013/2014, with work on the  projects having started in November.

In May, El-Araby told the Daily News Egypt that 60% of the projects were completed, with projects expected to be finalised before 30 June.

Discussing the 2014/2015 development plan, El-Araby added it would include the economic platform outlined by new President Abdel Fattah Al-Sisi during his presidential campaign.

The minister said the government remains keen to implement a smartcard for the fuel distribution system, adding that 2 million citizens have received the cards so far. By the end of the current year all citizens would receive the smartcards, he added.

El-Araby mentioned that the government would prohibit fuel distribution without presenting these smartcards, but no specific date for when the cards would become mandatory has been reached.

Source: Daily News Egypt