Number of Measures to Stimulate Investment Movement in Egypt

Prime Minister Dr. Hisham Qandil on 21/10/2012 presided over a meeting by the ministers of the Economic Group. The meeting was attended by governor of the Central Bank of Egypt CBE Dr. Farouq Al Oqda, together with the ministers of investment, electricity, industry foreign trade, communications and the cabinet secretary general.

Dr. Ashraf El Arabi, the Minister of Planning and International Cooperation told a press conference following the meeting that the economic group discussed measures taken by the government to improve economic growth rate, to raise economic growth rate to 4%, rationalizing spending, maximizing resources and developing taxation system. He said the group took a wide range of important measures which are aimed at reactivating investment movement in the coming stage, paying dues worth L.E.2 billion to contractors and upgrading government spending. He said paying sums in arrears owed to contractors would have a strong impact on investment in Egypt in the coming months.