CAIRO, April 15 (Xinhua) -- Egyptian Planning Minister Hala al-Said said Sunday that Egypt's sustainable development plan aims to push up growth rate to eight percent by 2022, according to official MENA news agency.

A man introduces desserts to a visitor during the Cairo Bites food festival at Merryland Park in Cairo, Egypt, April 15, 2016. Cairo Bites is Egypt's first & biggest food festival featuring a wide and diversified line-up of local, regional as well as international food-related businesses. Every year, more than 100 participating eateries serve over 10,000 visitors. (File photo: Xinhua)

The minister's comments came during the reviewing of the plan before the Egyptian parliament.

The minister said the goal requires raising saving rates from 7.3 percent in 2017-2018 to 11.1 percent in 2018-2019 and to 20 percent in 2021-2022.

She added that investment rates should also gradually increase from 16.9 percent to 18 percent, then to 25.6 percent.

Under the sustainable plan, total investments are expected to reach about 942.2 billion Egyptian pounds (1 US dollar = 17.73 pounds) in 2018-2019, she said.

The government upped by 46 percent the funds allocated for boosting investments to stand at 148.5 billion Egyptian pounds in 2018-2019, she said, noting that this would require restructuring public expenses.

The plan also aims at pushing up annual non-petroleum exports to over 12 percent and creating about 150,000 jobs in the petroleum domain.

Under the plan, 16.4 billion Egyptian pounds will go to 270 projects of potable water and sanitation, with some 15.5 million people benefiting from these projects.

Egypt has been suffering economic recession over the past few years of political instability and relevant security challenges. 

To boost economy, Egypt started in late 2016 with full local currency floatation as an initial step of a strict three-year economic reform program based on austerity measures, fuel and energy subsidy cuts and tax hikes. 

Egypt's reform plan has been encouraged by a 12-billion-dollar loan from the International Monetary Fund, half of which has already been delivered to the most populous Arab country.