Prime Minister Ahmed Nazif on Wednesday met with cabinet members and Central Bank of Egypt officials to outline the upcoming phase of Egyptian economic policy. Financial authorities are eyeing increased government investment to counter lingering financial woes, Magdy Rady, the cabinet’s official spokesperson said following the meeting.
Ministers of finance, international cooperation, economic development, and trade and industry were in attendance.
Nazif stressed the importance of increasing domestic and foreign investment, said Rady, adding that the government’s efforts should encourage foreign investment to reach a minimum of US$10 billion annually.
“Nazif referred to the importance of investing in infrastructure projects related to energy and transportation as well as encouraging partnership between public and private sectors to carry out such projects,” said Rady.
According to Rady, Nazif confirmed the importance of government investments, which should remain under 3 percent of gross domestic product. Rady also emphasized the role that investment plays in the government’s goals of increasing the annual growth rate to 8 percent from the 2-3 percent rate achieved in recent years.
Translated from the Arabic Edition.
