50% of new development plans in Egypt by private sector

The new development plan marks the Egyptian government's keenness on giving a new impetus to the private sector, especially in the economy field over the coming stage, an official source said Friday.

Private business sector companies are to be the main engine that would direct the Egyptian economy on the right path towards development during the new fiscal year 2004-2005, the source said.

The same source added that the private sector would contribute 50 per cent to the economic and social development plan for this fiscal year approved recently by the Cabinet.

The new plan targets a 5 per cent growth rate compared to 4.3 per cent last year's plan.

It also aims at increasing the gross domestic product (GDP) to reach some 498 billion pounds compared to 455 billion pounds in the current fiscal year.

It further aims at increasing average per capita shares of GDP to 7,114 pounds from 75 billion pounds previously.

Upper Egypt is expected to get 16.6 billion pounds in investments under the plan, the source said