Egypt's economy boom anew

Chief of the World Bank mission in Egypt Khaled Ekram said yesterday that all signs prove that the Egyptian economy is heading for a booming drive and the government has a clear-cut plan to raise rate of growth.

Ekram made these statements following his meeting with Minister of Planning and International Cooperation Ahmed al-Darsh who announced that Egypt has drawn up a new policy for borrowing from abroad by virtue of which Egypt will not borrow a sum that is bigger than the annual paid installments out of the country's total debts.

Al-Darsh added that the World Bank's conditions are the best for lending money as they include a long grace period in addition to the low interest rate.

On Egypt's mega projects finance, Ekram said the Egyptian government did not ask for getting loans to finance these projects although the WB allows about $ one billion a year at Egypt's request.