Egypt's growth to reach 6% in FY 2018/19: Minister

Egypt has prepared a medium-term economic plan that targets a six percent growth rate by fiscal year (FY) 2018/19, the Finance Minister Hany Qadry told European ambassadors in Egypt.

Qadry told the head of the EU delegation to Egypt and ambassadors of various European states that the target will be achieved by investing in development projects through partnerships with the private sector, according to a statement released by the ministry on Friday.

Egypt's GDP grew just 2.2 percent in FY 2013/14, a year that saw ongoing violence and instability after the ouster of president Mohamed Morsi in July 2013.

In July 2014, President Abdel-Fattah El-Sisi took office after being elected by 97 percent of voters on the promise of attaining political stability and economic prosperity.

The government is also targeting cutting down the budget deficit to 8-9 percent of GDP by FY 2018/19 from 12.6 percent in FY 2013/14, according to the medium term macroeconomic plan.