CAIRO: “The Egyptian government plans to attract between 230 billion EGP to 260 billion EGP ($32.2 billion to $36.4 billion) of direct national investments and about $8 billion to $10 billion of foreign investments during the next fiscal year” Investment Minister Ashraf Salman said in a press conference held Sunday at the Cabinet office.
Salman said “the government is working now on approving several legislations and attracting foreign and national investments that will help reducing the budget deficit,” Youm7 reported.
“The government will facilitate procedures needed to establish companies,” Salman added, saying that “there will be a real reform in Egypt’s administrative system, with the aim of improving the quality of services provided by the government to the people.”
Industry Minister Mounir Fakhry Abdel Nour said Sunday during the meeting that the launching of some companies is typically halted either because of structural defects, lack of capital or marketing.
“Around 962 factories were affected by the political and economic instability in Egypt since the revolution in January 2011,”Abdel Nour stressed.
Planning Minister Ashraf al-Araby said June 9 the Egyptian government pumped about 60 billion EGP into two stimulus packages as part of a long-term development plan to achieve sustainable development, boost Egypt’s infrastructure, and achieve social equity, Mubasher news gate reported. The first stimulus package was pumped in October 2013 and the other in January 2014.
Araby added that the total amount of investments during the current fiscal year was upped to 95.4 billion EGP, including the two stimulus packages.
“With the development in political and economic situations and the roadmap, the anticipated investments into Egypt’s economy should reach a trillion EGP,” economic expert and Cairo University professor of economy Farag Abdel Fattah told The Cairo Post June 9.