Egypt among top 30 countries in world economic growth rates: Official

CAIRO – 3 April 2019: “Egypt is among the top 30 countries in the world in economic growth rates,” said Executive Chairman of the General Authority for Investment Mohsen Adel Tuesday.

According to Adel, this means that the government's plan for economic reform, which lasted four years, is beginning to sprout.

During a phone interview with Al Hayah satellite channel, Mohsen added that economic reform coincided with a drop in inflation, which encouraged President Abdel Fatah al-Sisi to take recent decisions to increase pensions and wages.



Meanwhile, the World Bank praised Egypt's efforts in fighting corruption, counterterrorism, and its economic and social reform program, which contributed to increasing the growth rate and injecting new investments.

President of the World Bank Group Jim Yong Kim has lauded Egypt’s economic and social reform program as well as its success in investing in human capital.

Egypt succeeded to slash energy subsidies to increase investment in human capital, Kim said during the inaugural session of the 2018 annual meetings of the International Monetary Fund and the World Bank, held in Indonesia’s Bali city.

The World Bank helped Egypt attract foreign investments from the private sector in the field of new and renewable energy, which led to an annual $14 billion increase in financial space for the Egyptian government, Kim revealed.

He also praised developing health, education and sanitation projects, saying that Egypt had adopted a totally different approach in human development.