Egypt: No borrowing from IMF, investment doubling

Atef Ebied, the Egyptian minister of public works , has said that direct foreign investments are expected to increase in the coming year to $4 billion from $2 billion.

Ebied referred to the recent establishment of three big investment entities: the Kuwaiti Holding Company for Investment with a capital $500, the Abu Dhabi Company with a capital of $100 million, and a fertilizers company with a capital $350 million.

He said, "We do not need to borrow from the International Monetary Fund."

He referred to Egypt's commitment to paying installments on its external debts before they come due. The Egyptian debts total $28 billion.

Ebeid has described Egypt's relation with the International Monetary Fund as a consulting relation that gives Egypt the chance to benefit from the IMF's experience.