Egypt seeks to raise government investments by 35%: minister

Egyptian officials are hoping to increase government investments by 35 percent over the 2013-2014 fiscal year, according to Finance Minister Ahmed Galal.

The increase is aimed at pushing investments to LE85 billion, to bolster the national economy over the next nine months.

Minister of Finance Ahmed Galal said Egypt is seeking to increase government investments in the financial year 2013-2014 by 35 percent to reach LE85 billion to bolster the economy over the coming nine months.

On Monday the minister said that the current budget aims for government investments worth LE63 billion, but that figure has since been raised to LE85 billion.

Egypt is working to reduce its budget deficit to nine percent of gross domestic product over the fiscal year, which ends on 30 June 2014.

That deficit figure was around the 14-percent mark last fiscal year.

Edited translation from Reuters