Egypt sets out on a new course
President Abdel Fattah al-Sisi has managed to return a certain degree of stability to Egypt, with the economy expected to show a gradual recovery. A broad infrastructure programme and robust housing demand is providing the foundation for a strong growth in construction, while the government is calling for the cement industry to increase its capacity.
Egypt’s Minister of Finance, Amr El-Gahry, is in no doubt that the country’s route to a strong economic recovery depends on infrastructure spending. “Egypt’s infrastructure projects in the last two fiscal years are the cornerstone of the recovery of the Egyptian economy. The GDP has already shown signs of recovery, rising from 2.2 per cent in FY13-14 to 4.2 per cent in FY14-15,” he said in July 2016.
“The government targets a GDP ratio [growth] between six and seven per cent in the upcoming period by finding solutions in the different economic sectors, especially the investment section, and increasing the availability of foreign currency,” he added.