Raising Private Sector Share in Egypt Economy a Top PrioritySource: www.export-egypt.com 7/31/2024, Location: Africa |
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Increasing the contribution of both the local and foreign private sector to the Egyptian economy is a top priority in the new government's agenda, Minister of Finance Ahmed Kouchouk said in the first meeting with foreign investors in London.
Kouchouk added that limiting general investment expenditures will push private investment towards a comprehensive and sustainable development process. He also noted that tax policies and procedures will be more stable and supportive of the private sector to stimulate investments in the upcoming period. The private sector's contribution to the Egyptian economy has increased from 30 percent over two years to 40 percent in 2024. It is anticipated to reach 50 percent in 2025, former Minister of Planning and Economic Development Hala El-Said stated during the International Finance Corporation (IFC) day in May in Egypt. “We will diligently promote production and exports, and we have preferential advantages that promote the competitiveness of Egyptian investment opportunities in the region. The advanced infrastructure and smart investment incentives represent an attractive core to the local and foreign private sector,” Kouchouk added. Moreover, he noted that Egypt is collaborating with the International Monetary Fund (IMF) through a comprehensive programme to develop the country's economic performance. He affirmed that the Egyptian government targets decreasing inflationary pressures through adjusted and balanced economic policies. “We will have a bigger chance to decrease debt and the debt service burden on the gross domestic product (GDP) rapidly, given the recession of inflation rates and the intensity of financing pressures,” the minister declared. Additionally, the reform programme associated with international entities will provide more than half of the budget agencies' foreign currency financing needs for the current fiscal year, which starts on 1 July. Furthermore, the minister said the government seeks to be as open as possible with all investor segments especially since we have a diverse economy. He added that Egypt plans to increase meetings with foreign investors to attract more investments; updated economic data will be given to investors to enhance credibility and trust. The IMF completed the third review of the $8 billion loan programme, allowing Egypt to receive a tranche of $820 million. In addition, Egypt signed the $35 billion Ras El-Hekma deal with the UAE in February in a bid to encourage foreign private investments |
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