CAIRO: The Egyptian Finance Ministry is planning to create 15 projects with investments of 100 billion Egyptian pounds, using the participation system between government and the private sector. Head of the stock exchange Mohamed Abdel Salam said the projects will center on the infrastructure and that the stage to come will witness more projects with Egyptian, Arab and foreign investments, a matter which will enable the Egyptian economy to overcome the present transitional period. Egyptian Prime Minister Essam Sharaf is reviewing a memorandum for Alexandria Business Association (ABA), including a number of proposals to push forward and activate the economic performance and overcome the challenges hindering the flow of new investments. The memo focuses on the necessity of announcing a clear vision of economic orientations by the government and announcing its commitment of the signed agreements with the private sector. The memo also aims at organizing promotion campaigns to lure new investments, especially from Arab countries. The memo included a number of proposals to encourage local investments by offering financial facilities for small-and medium-sized enterprises and tax incentives for new projects. International Cooperation and Planning Minister Fayza Abul-Naga announced the first plan for economic development after the January 25 Revolution for 2011/2012 with total investments of 233 billion Egyptian pounds and targeted growth rate of 3.2 percent. Targeted government investment will increase in the plan to about 56 billion pounds compared with about 40 billion pounds in the plan of this year, up almost by 40 percent. Speaking at a press conference last month, Abul-Naga said the principle of participation along with the achievement of social justice, economic growth and suitable jobs for youths were all taken into account while preparing the plan. BM
