WB official: Egypt’s growth rate likely to surpass 5%

23 / 06 / 2019

• economy

The World Bank’s Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships, Mahmoud Mohieldin, said Egypt’s economic growth rate can surpass 5 percent.

On the fringe  of a workshop on implementing Sustainable Development Goals (SDGs) in the Arab world on Sunday, Mohieldin told the Middle East News Agency (MENA) that maintaining a rising curve of economic growth rate relies mainly on investing in human resources, development and infrastructure.

He underscored the importance of injecting more investments in the governorates, which will enable Egypt to achieve a quantum leap in creating job opportunities.

The state, represented by the planning ministry, is keen on encouraging investments in governorates in collaboration with the investment ministry to magnify the benefit of the economic reform program.

He extolled as a step on the right track a strategy worked out by Egypt in order to manage domestic and external debt, set regulations for obtaining loans and pinpoint the priorities of expenses and borrowing money.

He also commended Egypt for drawing up a local version of the United Nations Sustainable Development Goals; namely “Egypt Vision 2030.”

He added that the Egyptian government upgraded its sustainable development reports to cover governorates and cities not only sectors.

Meanwhile, he noted that Egypt needs more than one sovereign fund to manage state assets and up hard currency reserves alongside financial reform efforts in order to achieve the best financial balance.