Egypt’s Planning: Govt’s Long-Term Plan Targets EGP291bln Investments

Dr Ashraf Al Araby, Egyptian Minister of Planning and International Cooperation, stated that the Egyptian government is planning to hit EGP 291 billion investments, 60% of these investment are targeted to be attracted from the private sector on the long-term plan so as to bolster the growth and achieve the economic renaissance.

He referred that the growth rates during 2011-2012 declined to 2%, and the investments fell to 15%; resulting in decreasing the employment’s rates as well as the poverty’s rates; consequently more investments should be attracted to achieve the economic renaissance.

The Egyptian government is exerting intensive efforts to achieve 4% growth rates in 2013-2014, and ending the current year with growth rates not less than 3%, said Al Araby, pointing out that the government has a big role in attracting investments and providing the environment and climate suitable for investments through stimulating the private sector and removing the obstacles facing investments.

During the current year, the government offered no less than EGP 3.6 billion investments, and it targets to multiply these investments in the forthcoming period by coordinating between the Ministry of International Cooperation and the Public Private Partnership (PPP) Central Unit in the Egyptian Ministry of Finance.

The minister has emphasized that the government is working toward many short-term, mid-term as well as long-term plans  that will last to 2020 in order to achieve the comprehensive economic renaissance; stressing on the role of the private sector in supporting the growth.