Minister Meets with Key Financial Institutions

The Investment Minister, Mahmoud Mohieldin, met with 14 major global financial institution and mutual fund officials in the presence of GAFI chairman, Osama Saleh. He reviewed the top economic indicators in Egypt during FY 2008/2009, which coincided with the credit crunch.

He said Egypt's economy had grown 4.7%% last year, which he said was acceptable if compared to growth rates in advanced and emerging countries in the same year.

He attributed the growth achieved to the success of a stimulus package adopted by the Egyptian government ahead of the global crisis.

Moreover, domestic consumption rates went up due to the decline of inflation rates from its highest levels, 22%, to some 8.4% in Aug. 2009 because of monetary policies enforced by the Central Bank of Egypt and the Finance Ministry's efforts to curb the budget deficit.

Foreign direct investment rates stood at $8.1 billion from nearly $10 billion on average during the three years just before the crisis, according to the minister.

Initial indicators say it is still possible to lure fresh foreign investments equal to these of the pre-crisis years.