Economic growth rate to hit 6 percent

Egypt's Prime Minister Atef Ebeid said that the government aims at realizing a real growth rate of 5.5 - 6 per cent next year.

Following the meeting of the economic group and representatives of businessmen Thursday, Ebeid said that an agreement was reached to issue a statement at the end of every month on economic conditions and the indicators which they reflect.

"An overall, studied and clear statement will be issued, giving an accurate picture of economic conditions as reflected by collected facts in order to acquaint the various organizations of society and the media with the true picture of Egyptian economy, " Ebeid said.

The Minister of Finance will speak about financial conditions, the state budget, expenditure and revenues.

The Minister of planning is the only spokesman authorized to discuss the plan and its implementation.

The Minister of Economy will discuss savings, investment, exports and developments in the Capital Market.

The Governor of the Central Bank of Egypt (CBE) will discuss the exchange rate market and currency conditions.

The Minister of Trade will discuss internal trade and the Minister of the Public Business Sector will speak about privatization programs.

Ebeid said that during the meeting of the economic group points of view on economic conditions were exchanged.

"They all affirmed that these conditions are quite reassuring and that development was proceeding according to plan the banking sector is quite safe," he said.

Discussing a tour he made of development projects in North Sinai on Monday. Ebeid said that his tour showed that funds were being used in a rational manner in dealings between the banking system and investment organization.

Ebeid pointed out that world investments are based on direct investment in Egypt.

The Danish side is among the strongest investors in the cement sector. It contributed 38 percent of the capital of the Sinai cement factory which become the largest cement factory with a total capacity of 3.4 million tons annually and with investments amounting to 270 million dollars.

Ebeid underlined that Danish participation is a strong evidence of confidence in the project.