Egypt’s economy grew 1.1% q-o-q and 6.8% y-o-y in first quarter of the 2014-15 fiscal year, according to Preliminary indicators, the minister of planning Ashraf al-Araby said.
Accordingly, GDP growth for the full year is expected to reach 3.8%, the Minster said.
During the economic ministerial committee meeting, presided by Prime Minister Ibrahim Mehleb, on Monday, Araby explained that the increase in growth rate has many reasons including the comparison with the first quarter of FY 2013-14, which is the period that followed 30 June revolution and the accompanying instability.
In related news, prominent governmental official revealed that Egypt awaits oil, financial aid as well as Arab and international loans estimated by around US$700 million to finance energy and electricity projects, reclaim one million feddans and import butane gas.
“We will get US$150 million from the Kuwaiti fund to start the one million feddans project through digging wells and pumping water. The project will be promoted for abroad before the the economic summit that will take place in Sharm al-Sheikh city next March. 180,000 feddans in Sinai will be proposed first to produce sugar by Emirati investors,” the source said.
Six months later, Egypt will get butane gas aid at US$250 million from Saudi Arabia, the source added.
