Global Arab Network | Egypt: Private Sector Luring Multi-billion Investments

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Egypt: Private Sector Luring Multi-billion Investments

Global Arab Network - - Mohammed Almasri

Tuesday, 14 December 2010 20:56

Egypt: Private Sector Luring Multi-billion Investments

Egypt’s Finance Minister, Youssef Boutros Ghali has announced that the private sector to lure LE 100 bn investments to set up infrastructure projects in the coming five years.

The plan comes as part of the government's efforts to improve infrastructure projects, especially as the State needs LE 100 bn in the coming five years to develop infrastructure and improve educational, drainage, power, health and potable water services, Ghali said during a conference on Private-Public Partnership (PPP).

Infrastructure projects are costly and the State budget will only secure 30 to 40 percent of the needed LE 100 bn while the rest will be funded by the private sector, he said.

PPP projects help improve technical performance of the government and offer high-quality services to citizens, he noted.

"We will conduct a study of each project to know what problems we may come across before we start," he said.

Ghali expected Egypt's growth rate to hit 8.5 percent in 2013 against 6 percent in 2010.

A key challenge to the government is to change the way the Egyptian society looks to private sector projects as only profit-seeking ventures, he concluded.

Global Arab Network

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