WB says Egypt owns potentials to achieve a high growth rate
Egypt, Economics, 2/14/2002

The World Bank (WB) Thursday said Egypt owns the privileges and potentials that allow it to achieve a high growth rate sufficient to massively reduce the level of poverty.

In a report issued recently on the Egyptian economy, the WB said Egypt enjoys a great social stability and low rate of crime in addition to large reserves of natural gas up to 40 trillion cubic feet vis-a-vis consumption of 17 billion cubic feet.

Egypt has got a large market that enjoys a strong purchasing power, a relativelycheap work force and unique tourist and cultural attractions, said the WB.

The report called for pursuing policies working on creating a powerful and continued growth through structural and tax reform and reduction of customs tariffs.

The role of the WB finance corporations that finance the private sector has grown in the past three years and is expected to grow bigger in Egypt in the upcoming period.

The WB's strategy in Egypt focuses on three main approaches: promotion of the structural stability, improvement of the infrastructure to augment competitiveness and development of the export-oriented institutions, said the report.

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