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Egypt hires global firm Lazard to advise on project planning

Egypt hires global firm Lazard to advise on project planning
The Egyptian government has hired global financial adviser Lazard Group LLC to help plan projects the government says will energize the moribund economy, according to Bloomberg. The announcement by Investment Minister Ashraf Salman reflects the government’s latest push to restore investor confidence in the Arab world’s most populous nation after almost four years of unrest and the ouster of two consecutive presidents.
The private and private-public projects are to be proposed at an investment conference in March, Salman said. The government will try to resolve most outstanding disputes with Gulf investors ahead of the event, he added.
President Abdel Fattah El-Sisi has been struggling to revive an economy that has largely stagnated since the 2011 ouster of Hosni Mubarak, who ruled Egypt for three decades. Since El-Sisi, then defense minister, led the overthrow of Mubarak’s Islamist successor, Mohammed Mursi, in July 2013, the government has been battling an increasingly virulent militant threat in the Sinai peninsula while trying to address unemployment topping 13 %.
Egypt’s economic growth, which has limped along at its slowest pace in more than two decades following Mubarak’s ouster, has shown signs of a slight recovery. The economy is seen growing at 3.5 % in 2015, according to the average of 11 economic estimates compiled by Bloomberg, versus 2.3 % this year.