Egypt to achieve growth rate of 7.5-to-8% in 4 years: Min.

CAIRO – 3 October 2018: Egypt is expected to achieve a growth rate of 7.5 to 8 percent by the end of a four-year plan, according to Minister of Panning Hala el-Saeed.

The minister added that within the targeted four years, a higher investment rate will be achieved to reach 25 percent.

She pointed out that the possibility of providing accurate and up-to-date data and information on the indicators of each governorate is currently being greatly improved, stressing that providing indicators at the governorate level enables decision-makers to plan with great flexibility.

This came during her meeting with a delegation of foreign investors, headed by Director of Citibank’s activities in Egypt Mohamed Abdel Kader, as well as representatives of a number of investment companies and banks.

The meeting aimed to follow up on the investments in Egypt and discuss the opportunities to increase these investments as well as the role played by the Ministry of Planning and the most important programs and projects targeted by the ministry during the coming period to revive investment movement and increase economic growth rates.

The minister reviewed the achievements of the economic reform program that was implemented in November 2016, resulting in an increase of the growth rate to 5.3 percent, and a decline in the unemployment rate to 9.9 percent.

Saeed noted that the Egyptian government has paid close attention to addressing the social impacts of the economic reform program through a series of social protection programs, monetary support programs (Takaful and dignity), and social housing programs.

The government also focuses on the industrial sector on the medium term as a part of the sustainable development strategy and Egypt’s vision 2030, pointing that this sector is targeted to contribute to the growth rate by 20 percent during 2018/2019 and to improve gradually.

The minister also discussed the development of government services and the completion of the automation of all services in the Canal governorates.

Saeed also added that through the G2G digital converter, data is currently being linked and is available to 20 government entities.

The minister said earlier that Egypt has a diversified economy led by the industrial sector, which is headed by manufacturing, followed by the extractive, oil and gas sectors and then comes the construction sector.

She added that Egypt aims to achieve an industrial boom that leads to increasing export rates, so production is the main engine of the economic growth.

Egypt’s vision 2030 targets to have a new Egypt that possesses a competitive, balanced and diversified economy, dependent on innovation and knowledge, based on justice, social integrity and participation, and characterized by a balanced and diversified ecological collaboration system, investing in the ingenuity of the place and humans to achieve sustainable development and to improve Egyptians' life quality.