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MENAFN - The Peninsula - 11/02/2014

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(MENAFN - The Peninsula) Egypt's interim government unveiled its second stimulus package yesterday, which will inject 33.9bn Egyptian pounds (4.87bn) into the economy, with most of that money coming from aid pledged by the United Arab Emirates.

Previously the finance ministry said Egypt planned to spend around 30bn Egyptian pounds. The first stimulus package, amounting to 30bn pounds, was launched in August.

Nearly 20bn Egyptian pounds will be spent on development projects and 2bn pounds would be directed towards developing a corridor around the Suez Canal under the second stimulus package, according to a statement issued by Finance Minister Ahmed Galal.

Twelve billion pounds will go towards financing social programmes, including a rise in the minimum wage.

 






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