CAIRO, June 10 (Xinhua) -- Egyptian Minister of Health and Population Hatem el-Gabali on Tuesday announced that his country has set aside 480 million Egyptian pounds (about 90 million U.S. dollars) to cope with its overpopulation problem through family planning.

    Gabali made the announcement in an address to the second session of the National Population Conference, which kicked off here on Monday to promote smaller families.

    Gabali warned that overpopulation could lead to further economic problems due to soaring prices.

    The Egyptian minister called on young Egyptian couples to correct misconceptions of having three, four or five children in a family.

    Gabali expressed his hope that small families could save the country some 170 billion Egyptian pounds (about 32 billion U.S. dollars) in investments.

    With the theme of "two children per family -- a chance for a better life", Tuesday's meeting focused on the importance of achieving balance between population and resources.

    In his address to the conference on Monday, Egyptian President Hosni Mubarak termed overpopulation as a "major challenge and fundamental obstacle" to development.

    With the total population of about 78 million at present, Egypt could have 160 million people by 2050 if nothing is done, the Egyptian president expected.

    A baby is born on average every 23 seconds in Egypt, the Arab world's most populous nation where the average of children in a family is three, according to official statistics.

    More than 1,000 participants attended the conference, with the first one being held in 1984, to discuss means of controlling population growth rate and probe mechanisms to implement a strategic plan on population.