Egyptian Prime Minister Ahmed Nazif on Thursday said Egypt will enjoy a growth rate of 6 percent by the end of the 2010-2011 fiscal year.
Nazif said the optimistic figure was due to Egypt's economic perseverance in the face of the recent global financial crisis. Nazif noted that the economic indicators of the first quarter of the present fiscal year–to be issued next October–will display growth in tourism, exports, and local and foreign investments. Nazif also said the Suez Canal profits and Egyptian expatriate remittances boast a similar rise.
“The flow of foreign investments into Egypt is starting to go upwards–though failing to satisfy our aspirations–reaching US$6 billion," Nazif said. "Local investments make up for this insufficiency."
Last July, the Minister of Economic Development Othman Mohamed Othman declared the expected rate for the same period at 6.5 percent.
Translated from the Arabic Edition.
