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Egypt - Positive Climate to Attract Investments

Global Arab Network - - Gamal Ragay

Thursday, 22 April 2010 17:42

Egypt Minister of Trade and Industry Rasheed Mohamed Rasheed has inaugurated expansions of a fizzy-drinks factory, seeing in it yet another success story meant to hone the competitiveness of national industry.

Worth LE 80 million the expansions reflect businessmen's trust in the investment climate in Egypt in light of the economic reform policies adopted by the government, Rasheed said.

The factory can now secure up to 160 job opportunities, he added.

The government is keen on offering all kind of support for investors to establish projects to create new jobs for youths, Rasheed said.

Electricity investments to reach LE 10 billion in Sinai until 2012
Electricity services in Sinai have seen tangible progress over the past two decades, Egyptian Minister Hassan Younis said.

Speaking while on a visit to North Sinai to inaugurate an electricity project, Younis said power capacities have increased 44 times in the governorate.

He said that several projects have been established across the peninsula to produce, transfer and distribute electricity at five billion pounds investments.

By the end of 2012 - when a five-year plan is over - electricity investments in North and South Sinai will have reached LE 10 billion Younis said.

IMF Expects Economic Growth in Egypt by 5%
The International Monetary Fund said the world economy has started to regain its force following the biggest slump in its history since the 30s, expecting a strong economic growth in Egypt this year and even stronger next year.

In its annual report World Economic Prospects and Global Financial Stability Report, issued Wednesday, the IMF expected an increase in growth by 5.25% in the Middle East and North Africa region this year due to increase in prices of commodities and increasing foreign demand.

The report expected growth in the Egyptian economy amounting to 5% this year compared with 4.7% last year. The Egyptian economy will continue to grow to reach 5.5% in 2011.

Global Arab Network

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