DHAKA: Western consultants helping Egypt compile an economic reform plan say it needs US$120 billion over four years, - at least US$60 billion of investment to reach average GDP growth of 5 percent by 2018 and the same amount again to bolster its foreign reserves.

Senior Egypt officials said, reports The Straits Times.

The Egyptian officials said the country would seek dollar-denominated investments and loans from local and foreign investors, foreign governments and international lenders to fill the gap at a donor conference slated for the end of the year in Egypt.

The International Monetary Fund is expected to attend the conference and has discussed the possibility of extending a loan to Egypt, one official said.

‘The prescription which (international investment bank) Lazard put forward is not very different from the prescriptions of the IMF,’ said another official, which would suggest a deal could be reached quickly.

The officials, who requested anonymity due to the confidential nature of the plan, spoke to Aswat Masriya, a news website run by the Reuters Foundation which promotes independent journalism in Egypt.

BDST: 1927 HRS, JUL 16, 2014