Egypt targets 5 per cent economic growth in 2015/2016

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Wednesday - 2 December 2015

The Egyptian government plans to increase economic growth in the country to five per cent in the current 2015/2016 fiscal year, a minister says.

The Egyptian government plans to increase its gross domestic product to EGP2.8 trillion in the current fiscal year, according to Ashraf el-Arabi, the minister of planning.

The minister reveals that the Suez Canal and Sinai Peninsula projects account for the largest chunk of government investments for the first time.

He says the Suez Canal and the Sinai Peninsula will account for 20.4 per cent and 19.7 per cent of government investments, respectively, in the current fiscal year.

The minister’s comments came during a press conference in which he highlighted the details of the new national socioeconomic scheme.

The minister notes that the total value of the country’s private sector investments in the first nine months of the 2014/2015 fiscal year amounted to EGP149 billion, compared with EGP120bn a year earlier.

Government projects accounted for 15.7 per cent of the total value of investment projects in the same period, according to the minister’s remarks published by Youm7.

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