Int'l cooperation ministry says reports on minister article for WSJ

The International Cooperation Ministry on Saturday said media reports on an article wrote by Minister Sahar Nasr for the US Wall Street Journal entitled "Egypt is Charting a New Economic Course" were "inaccurate".

In a statement, the ministry added such reports misinterpreted the article claiming that the minister touched on the state-owned infrastructure enterprises, such as electricity, sewage and water, of which the state is a majority shareholder.

The minister said mega projects, mainly in infrastructure, are being carried out as public-private partnerships, to ensure a crowding-in rather than crowding-out effect, the statement added.

The article aimed at addressing the world and global investors to clarify the government's economic and social plan, the ministry said 

The article included features of the government's economic and social program, which was approved by the elected House of Representatives, it added.

The primary task of the Egyptian government is to restore economic stability and to continue the sustainable and comprehensive development path, the ministry said.

The government recognizes that the economic future of the country depends on achieving economic aspirations of citizens without much interference from the state, it added.

The ministry said it sets as a priority increasing financing and grants to support people in the most needy areas, by continually coordinating with all international financial institutions to support the establishment of development projects to help these groups.