Egypt: Reform plan requires $60bn

Western consultants helping Egypt compile an economic reform plan said it needed at least $60 billion (R642bn) of investment to reach average gross domestic product growth of 5 percent by 2018 and the same amount again to bolster its foreign reserves, senior officials said on Wednesday. The Egyptian officials said the country would seek dollar-denominated investments and loans from local and foreign investors, foreign governments and international lenders to fill the gap at a donor conference slated for the end of the year in Egypt. Finance Minister Hany Kadry Dimian disputed the idea that Egypt would need the amount cited by the three senior officials, but did not provide alternative figures.