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Abul-Naga: Our Economy Begins to Recover

The minister stressed that the Egyptian economy began to recover as twenty Italian firms are seeking to make investments in Egypt.
24.04.12 | Interesting article at All Africa

Planning and International Cooperation Minister Fayza Abul-Naga expected ups in foreign currency reserve next month, after matters have been stabilized following the revolution.

The minister told the finance and economy committee of the Shura council on Monday 23/12/2012 that the bleeding of the foreign currency reserve reached $3 billion a month following the revolution, but it began to retrograde to $2.5 billion and later reached $600 million during the past few days.

The minister stressed that the Egyptian economy began to recover as twenty Italian firms are seeking to make investments in Egypt and that a Chinese delegation is expected in Egypt in a few days for investments in Egypt.

The minister added that Egypt's production of wheat increased by three million tons this year, the matter which will help mitigate the burdens on our imports of wheat and will cut on foreign currency reserve.

An agreement reached with Islamic development bank to receive $600 million loan to buy wheat. It is to be paid back in three years, she added.