CAIRO – Egyptian Prime Minister Hisham Qandil Sunday urged a major US business delegation to invest in post-Mubarak Egypt, as he sought to showcase an attractive investment environment. US Deputy Secretary of State Thomas Nides is accompanying the delegation of more than 100 American executives aiming to promote private sector development in Egypt. “Egypt opens its doors to investors," Qandil told attendants, quoted by the official MENA news agency. “Egypt is a land of opportunity, with a young population, good infrastructure... enabling an environment to invest," he said. Qandil, who was named premier in July, stressed that the turbulence following the 2011 uprising that toppled longtime president Hosni Mubarak is over. He also expects to conclude a $4.8 billion IMF loan deal within two months and is in talks for additional budget support worth about $1 billion from the World Bank and the African Development Bank (AfDB). Egypt has had on-off negotiations with the International Monetary Fund since last year, when a popular uprising unseated the country's president and sent the economy into a tailspin. “These (IMF) negotiations have been going on for a year, so we have a framework for a good program. We need to adjust it and make sure we're comfortable with it and can implement it, and that we own it," he told Reuters in an interview. Qandil said having a democratic election must be accompanied by economic growth. “We all insist on making Egypt an advanced and democratic country," he said, adding the government was working to “attract capital by providing a modern legislative environment." “Reducing the budget deficit is a top priority," he said. During the visit, members of the American delegation will also meet with other cabinet members, heads of political parties and business leaders, according to the American Chamber of Commerce in Egypt. Qandil is finalizing an economic reform plan that will rein in hefty consumer subsidies, he said Sunday, adding that he expected the economy to grow in the current financial year by 3 to 4 percent, or more if investment goals are achieved. Qandil told Reuters that the government aims to cut the budget deficit, now running at about 8 percent of gross domestic product, by 1 percentage point in two years although he said that target was “dynamic". “For this year, we hope that we will get around 3 to 4 percent (growth) and after that we will jump to 4, and then 4 to 5, and hopefully in a few years we will come to 7 percent," the 49-year-old said, adding Egypt could hit 7 percent in four years. The government has previously forecast growth of 4-4.5 percent for 2012/13, a target the prime minister said could be achieved if the goal to secure 267 billion Egyptian pounds ($44 billion) in private and public investment was realized. Egypt has been on the ropes since investors and tourists, two vital cash streams, fled after the uprising that toppled Hosni Mubarak in 2011. The revolt gave Egypt its first freely elected president, Mohamed Mursi, who appointed Kandil in July. – Agencies
