CAIRO: Egypt aims to achieve 5.8 percent economic growth in the fiscal year that that begins in July, the ministry of economic development said on Thursday.
Egypt is targeting "real economic growth of 5.8 percent," the ministry said on its website.
It also hopes to attract direct foreign investment of eight billion dollars (6.5 billion euros).
Investment Minister Mahmoud Modieddin said earlier this month that Egypt should see economic growth of up to 5.5 percent for the fiscal year 2009-2010, driven in particular by the construction sector.
The economy grew by 4.7 percent in 2008-2009, a marked slowdown following the sharp growth of around seven percent witnessed in the three previous years, according to figures published by the International Monetary Fund.
The IMF in April praised Egypt’s wide-ranging structural reform program, launched in 2004 to open up the economy to foreign investment and boost growth.
The resilience of domestic consumption, and of production in the construction, communications and trade sectors have helped sustain strong growth … in the first half of 2009-2010," the IMF said.
"Egypt weathered the global financial crisis relatively well," it added.
