Nasr: Egypt's partners poured $15bn into funds in 12 months

International Cooperation Minister Sahar Nasr said that Egypt's partners poured nearly 15 billion dollars into funds in the country over the past 12 months.

The economic situation in Egypt is steadily and rapidly improving according to the international financial institutions, Nasr said at the opening session of the 21st Euromoney Conference.

The growth rate is expected to reach 5 percent by the end of the fiscal year 2016/2017, Nasr said.

Egypt receives funds from Saudi Arabia, the United Arab Emirates, Japan, China and South Korea, in addition to the European Union, the World Bank and the African Development Bank, she said.

The International Cooperation Ministry secured funds to finance small and medium-sized enterprises (SMEs), a matter that provided jobs for youth and reduced poverty, the minister added.

The Egyptian government's economic reform program aims at encouraging the private sector via improving the basic infrastructure and creating an appropriate business climate for investment, she stressed.

The ministry also launched a number of giant projects, topped by the Suez Canal Area Development Project, the North Coast development project, Sinai development and the golden triangle, she added.

The total cost of projects carried out by the country in all sectors is 22 billion dollars, she said.

The minister also talked about the International Development Ministry's plan for 2017, saying it aimed at achieving sustainable development. 

The opening session of Euromoney was attended by Finance Minister Amr el Garhy and consulting editor for Euromoney Conferences in the MENA Richard Banks.