Mohieldin

"We're trying to be bold, to send a message of confidence," says Mohieldin, who has vowed to triple Egypt's foreign-direct-investment levels this year to $1.4 billion, a reasonable goal at the current pace of growth, and to make Egypt a member of the Organization of Economic Cooperation and Development by 2017.

Pyramid of Hope 2007

Mohieldin has announced an ambitious privatization program for the coming year, including at least one state-owned bank and possibly Telecom Egypt.

GAMAL-NOMICS 2007

Upon taking office in October, Mohieldin unleashed a privatization drive that has raised some $1 billion in the first six months of the year, much of it from foreigners.

Pyramid of Hope 2007

Mohieldin says that he expects to see the CBE cut interest rates in the near future.

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Mohieldin also expects to see more Arab investments, which he says represented between 40\% and

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In light of changes in European and American growth, Mohieldin says Egypt is seeking to attract investments from other countries.

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According to Mohieldin, these kinds of stimulus packages will not have an impact until confidence improves.

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Continuing to attract adequate levels of foreign direct investment (FDI) is going to be key in the coming period when income from exports, Suez Canal revenues and tourism are expected to dip in response to rapidly declining global demand, according to Mohieldin.

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As a small economy, Mohieldin says, any funds injected into Egypt will have a much bigger impact than they would on the giant economies of the Western hemisphere even when growth slows here.

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The second lesson to be learned from the financial crisis, Mohieldin says, is to acknowledge problems and take corrective measures before they snowball.

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