Egypt plans to boost investment

(MENAFNEgyptian Finance Minister, Ahmed Galal, said that his country intends to boost its economy, not through raising taxes or cutting spending, but through using the Gulf fund in investments. An amount of USD12 billion was pledged to Egypt by Saudi Arabia, Kuwait and the UAE following President Muhammad Mursi"s removal from power. The USD12 billion, of which USD5 billion are already delivered, are in fuel shipments and loans. The minister said that Egypt intends to push the economy forward by boosting investment in the country and finishing current projects such as roads and bridges, sanitation and water, instead of raising taxes and expenditures. "Contractors are owed money, and because of this they don't pay other people, and it becomes a chain. At the end of the day the economy slows down," Galal said. "This will help economic growth in the future while helping the relatively poor."