Egypt approves USD 3.2 billion economic stimulus package | ASHARQ AL-AWSAT:
"The Egyptian cabinet has approved an additional EGP 22.3 billion (USD 3.2 billion) in spending on investment projects in a bid to boost the economy over the forthcoming ten months, according to Deputy Prime Minister Ziad Bahaa El-Din.
The military-backed interim government in Cairo is seeking to restore confidence in the economy following two popular uprisings over the past three and a half years. Despite significant financial assistance from Gulf states following President Mohamed Mursi’s ouster earlier this year, the Egyptian economy remains troubled. The recent violence in the country has only made things worse, with a national curfew striking a severe blow to many businesses.
Bahaa El-Din said that the new investments will be aimed towards labor-intensive projects and services that help the poor. This will include building railways, roads and bridges, in addition to the construction of 131 potable water and sewage treatment plants. Cairo’s transportation networks, including the metro system are also set to be revamped."
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