Dr Yehia Hamad, Egyptian Minister of Investment, said the insurance system achieved big development during the last period in comparison with the other economic sectors in the neighboring countries.
During his participation in the functions of the 40th African Insurance Organization Conference, the minister said the economic growth across the world declined by 4% during 2012; referring that this decline included many countries, whether European or other ones; consequently the Egyptian economy faced more pressure. He added that Egypt has huge economic capabilities that the government aims to work on them.
On the fringe of the 40th African Insurance Organization Conference, Hamad stated that the Egyptian economic program was hailed by the International Monetary Fund (IMF), so it may facilitate the negotiations about the IMF loan.
He added that the ministry targets achieving growth rates from 3% to 6% during the coming period in an attempt to boost the national income, besides our commitment to develop all the economic sectors particularly the insurance sector.
The growth rates of the sector reached 8% in 2011, said the minister; elucidating that this rate exceeded the rates of the other economic sectors.
The Egyptian Ministry of Investment aims to study the investment trends down the track; mentioning that the state keens to remove all the obstacles between the private sector and the government.
The minister also referred that the two laws 7 and 8 of Dispute Settlement Law, in addition to reconciling with the businessmen in order to restore the investment again; calling on the Egyptian people to support the investment plan in Egypt.
