PM Holds Meeting on Plan to Boost Economy in Egypt

Prime Minister Hazim el-Beblawy held a meeting on 26/8/2013 with ministers of international cooperation, planning, industry and trade, investment, finance and petroleum, as well as the governor of the Central Bank of Egypt (CBE) and the cabinet's secretary general.

The meeting tackled the features of an urgent plan to boost the Egyptian economy during the coming period, upping the growth rate to 3.5 percent and the pressing demands to present them to a coming cabinet meeting for an approval.

The plan includes target investments of LE 290 billion during the current year, including LE 120 for public investments in the infrastructure projects; drinking water, sanitation, electricity, transport and education.

The economic group also decided to supply the new industrial areas with infrastructure at the cost of some LE 2 billion to ensure more jobs and maintain stability.

Minister of Planning Ashraf Al Araby said the state will extend this year LE 1.2 billion for boosting tourism and the stumbling projects. The number of the industrial zones hits 36, 15 of which in Upper Egypt.

He also referred to a government strategy for pumping investments in the high intensive labor projects, along with a strategy to revamp the railways.