International Institutions welcome positive annual growth of Egypt's economy

Egyptian Economy and Foreign Trade Minister Youssef Boutros Ghali is continuing his tour of six European states to promote Egypt's investments, market exports and find the best terms to offer Egypt's bonds in American dollars.

Ghali's tour takes him to France, Italy, Germany, the Netherlands, Switzerland and Britain.

A report by the Ministry of Economy and Foreign Trade said Ghali held meetings in Paris and Milan, organised by the two international financial institutions of Merrill Lynch and Morgan Stanley.

The meetings were attended by Societe Generale and Credit Lyonnais as well as other prominent financial institutions.

In Frankfurt, a number of meetings were held attended by Deutsche Bank, the German Capital Company for investments, BIKA and DWUX companies.

The European companies, the report said, affirmed that the Egyptian economy realised a positive annual growth rate over five per cent since 1996.

The companies welcomed other positive indicators, such as the downward slope seen in inflation, budget deficit and trade balance deficit.

Ghali reviewed Egyptian-European economic developments, including the increase of exports to Italy and Germany.

In a related development, some major financial firms in Germany pledged to subscribe in the new bonds at $300 or 400 million (25%-30% of the total bonds).