Egypt acts to gradually boost growth rate to reach 8% in 2022: Madbouli

CAIRO, Sept 15 (MENA) - The Egyptian government is working to gradually boost economic growth to reach 8 percent by 2022, Mostafa Madbouli says.

Addressing the 43rd meeting of the council of governors of Arab central banks Sunday, the prime minister also stressed the need to promote the role of private investment to help improve the business climate in Egypt.

Madbouli said his government is sparing no effort to secure funds, hone skills of entrepreneurs, introduce legislative reforms and update the investment map in Egypt.

All this should help increase the flow of foreign investments in the coming stage, the premier told the gathering.

He praised efforts exerted by the Central Bank of Egypt (CBE) to help create an investment-friendly climate to render the economic reform program successful.

Today's meeting is held as the global economy is facing a slowdown on the back of escalating tensions between the US and China, the world's biggest commercial powers.

Weak rates of investment in emerging markets and developing countries have sure taken their toll on growth indexes, Madbouli said.

He also talked about the debt problem which is hindering attempts by a number of developing countries to finance projects meant to enhance economic growth.

This, Madbouli said, entails action to support reserve balances and adopt macroeconomic policies.

The premier greatly appreciated efforts exerted by Arab central banks to deal with challenges resulting from the global economic landscape and maintain financial stability.