31 January 2013

Egypt: Mursi Launches 'Save in Egypt' Campaign to Support Economy

President Mohamed Mursi on Wednesday launched a campaign under the name "Save in Egypt" to encourage all Egyptian expatriates to support national economy by depositing part of their savings in Egypt's banks.

Mursi launched the campaign while in Germany.

According to the Middle East News Agency, Mursi stated that the country's economy is strong in spite of what superficially looks like a decline, pointing to the active role grey economy plays in Egypt's business activity.

During his meeting with the Egyptian-German businessmen forum on Wednesday, Mursi said that one successful tourism season may make the International Monetary Fund's loan unnecessary and bring Egypt around $14 billion, Egypt's ambassador to Germany Mohamed Hegazy has said.

Egypt made a deal with Germany to maintain a developmental cooperation project between the two countries with €353 million in funds.

The project will include development in several sectors such as irrigation, agriculture, industry, education, scientific research, environment, infrastructure, and renewable and non-renewable energy.

On a brief visit to Berlin yesterday, Mursi met with Chancellor of Germany Angela Merkel to discuss economic relations between the two countries as well as the latest political developments in Egypt and the region.

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