The growth rate in the 2013-2014 fiscal year will reach two percent, said Finance Ministry Hani Qadri, describing it as low, but positive amid hard circumstances the nation has been through.
During the Euromoney Conference, Qadri said the government seeks a 5-6 percent growth rate during the coming three years, saying that it is possible under the current structural reforms.
The budget deficit will reach 10.5 percent during the coming fiscal year 2014-2015, almost 0.5 percent higher than the target due to funding the Suez Canal project, which is still an acceptable rate, according to Qadri.
Euromoney is an international organizer of conferences for cross-border investment and capital markets for portfolio and direct investors, financial intermediaries, corporations, governments, banks and financial institutions.
Keiko Honda, executive VP for the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group, said the agency is ready to help investors conduct dialogue with governments of countries that started strong growth to avoid any issues ahead of resorting to international arbitration.
In her opening speech before Euromoney, Honda said that the Egyptian economy is getting more attention as well as growth, adding that the agency is ready to offer guarantees to all investors who seek working in Egypt.
Edited translation from Al-Masry Al-Youm
