Minister of Finance Youssef Boutross Ghali briefed a visiting US Congress delegation on recent progress achieved in the Egyptian economy.

The growth rate hit 6% and foreign direct investments (FDIs) in non-oil domains doubled to US$ 3.4 billion compared to US$ 1.2 billion over the past year Fiscal Year, he told the Congressmen on Monday.

The government gives priority to the private sector as it plays a leading role in economic reform and new investments, he said.

Close cooperation among banks, the Social Fund for Development (SFD) and non-governmental organisations (NGOs) will help the private sector shoulder its responsibility in opening new career opportunities through more investments, according to Ghali.

The visiting delegation hailed financial and fiscal reforms carried out by the Egyptian government and Egypt's program to minimise its budget deficit.

24/4/2006