The value of investment projects implemented by the state during the first half (H1) of the current fiscal year (FY) 2018/19 amounted to about EGP 175bn, a growth of about 12%, compared to the H1 of FY 2017/18, the Minister of Planning Hala Al-Saeed said on Monday.
Al-Saeed added in a press statement that the economic growth rate is expected to range between 5.6% and 5.7% by the end of this year, after the Egyptian economy achieved in the last FY its highest annual growth rate of 5.3% in the last 10 years. It reached the same rate in the first quarter of the current FY.
The minister announced that a comprehensive structural reform plan for seven promising sectors in the Egyptian economy has been finalised.
Al-Saeed pointed out that the regulations of the new Egyptian sovereign funds are currently being reviewed by the state council after the cabinet’s approval.
Notably, the fund has an authorised capital of EGP 200bn ($11.2bn) and started with paid-in capital of EGP 5bn, of which 20% was injected by the government.
The minister added that there are currently discussions with several Arab and regional funds to benefit from some assets in the establishment of sub-funds.