Egypt s economic reform programs will help increase economic growth rates to 7 percent by the end of 2007, said Governor of the Central Bank of Egypt (CBE) Farouk El-Okda in his speech during the 2007 annual meetings of the Boards of Governors of the African Development Bank Group (African Development Bank and the African Development Fund) which started in China on Wednesday.
According to reports by the State Information Service, El-Okda noted that last year s economic growth rates which reached 6.8 percent are expected to reach 7 percent this year.
The economic reforms were reflected on the volume of foreign debts, which were reduced to $28.7 billion while foreign currency reserve exceeded $27 billion. El-Okda was reported to have pointed out that Egypt was keen on maintaining partnership with the ADB to be financed via non-traditional resources.
The CBE Governor also underlined the importance of cooperation with major countries to help ease poverty in the African states.