EGP415bn needed to achieve 3.8% development rate

Minister of Investment Ashraf Salman has said Egypt needs 415 billion pounds in local and foreign investments to achieve a development rate of 3.8 pct in the current financial year.
The government has only 58 billion pounds of the needed sum for investments in the financial year and the remaining money is expected in private sector and foreign investments.
Speaking to a meeting of Kuwait Chamber of Commerce and Industry, the minister said international financial institutions said the Egyptian economy was improving.
He added that Fitch upgraded Egypt's credit rating to B.
The economic conference due in Sharm El Sheikh in March will also serve in Egypt's economic reform.