Nazif: Rise on Egyptian pound normal, economic stability message to investor

Addressing the World Economic Forum (WEF), Prime Minister Ahmed Nazif asserted that Egypt will go on carrying out its reform and modernization program on the bases of "our" needs not just imitation of the western style.

The Prime Minister added that the current rise on the Egyptian pound value against the foreign currencies is a normal thing because it was really devalued due to speculation practices.

Nazif told the gathering that the economic and political stability in Egypt is a clear message to any investor willing to engage in new investment opportunities.

He pointed to the recent measures taken by his government to improve the investment climate and raise standard of living especially the customs and taxes reforms, increase the international reserve of hard currencies, enhance investments in the tourist sector throughout the coming 10 years to attract about 16 million tourists a year and draw up an ambitious plan to raise quantities of exported natural gas to foreign markets.