Planning Minister Ashraf el Araby has expected the increase of growth rate during the current fiscal year to 5%, compared to 4.2% during the past year.

During a phone call with Al Arabiya news channel, Araby said that nearly 50% of memoranda of understanding, signed during Economic Development Conference in Sharm el-Sheikh on 13-15th March 2015, started to be implemented.

Egypt will issue international bonds for the second time this year, he said.

Egypt received six billion dollars from Gulf countries during the conference, he added.

He noted that the reform of administrative body will attract further foreign investments.

The conference managed to gather support for the development of the Egyptian economy.

Egypt is due to inaugurate the new Suez Canal project, one of its major projects, which will positively contribute to consolidate the Egyptian economy.