$11.4 billion.. The volume of foreign investment increased in 2022

Dr. Mostafa Madbouly, Prime Minister, said that the state has been focusing during the past period on supporting the efforts of the private sector in various economic activities, so that it fully assumes leadership in the coming period.

 He added, the most important thing is to increase the state’s foreign exchange earnings, because the questions we ask about are: What do we do in the dollar and hard currency crisis?

He continued: We introduced revolutionary amendments to the investment law and issued many decisions that the private sector had dreamed of regarding the investment climate. The first meeting of the Supreme Investment Council headed by President Abdel Fattah El-Sisi marked the beginning of a very big breakthrough in activating many decisions.

Golden license

He pointed out that the incentives approved by the state and included in the amendments sent in the investment law, that all investment projects, whether established before the implementation of the investment law or at a later date, enjoy the new incentives that we approved.

Dr. Mostafa Madbouly, Prime Minister, confirmed that 20 industrial sectors have been exempted from real estate tax for a period of 3 years, and the golden license has been granted to 15 companies.

Investors’ Problem

Madbouly said in a press conference held, on Tuesday, at the government headquarters in the New Administrative Capital, that the door has been opened to finalize all applications related to obtaining the golden license, in addition to following up on the Investors’ Problem Solving Unit in a personal capacity.

He pointed out that the structural reform program for the "industry - agriculture - technology and communications" sectors was launched some time ago, and 35% of it has been implemented.

Foreign direct investment

The Prime Minister pointed out that the ratio of investment to the gross domestic product has increased during the last period and will rise further during the coming period, and unemployment has declined and has become between 7.1 and 7.2 during the last period.

The volume of foreign direct investment rose to 11.4 billion dollars, compared to 5.2 billion the year before last, and Egypt came in second place on the continent level after South Africa.

European Investment Bank

The European Investment Bank has made available financing to Egypt amounting to 4 billion euros (about $4.4 billion).

This came during the Bank's conference, which it is jointly organizing with the Union for the Mediterranean and the Spanish Presidency of the European Union.

Egyptian Minister of International Cooperation, Rania Al-Mashat, said that Egypt has witnessed significant growth in the infrastructure sector over the past years, supported by strong political will that promotes effective partnerships between the public and private sectors.

Al-Mashat noted the digital transformation initiative launched by Egyptian President Abdel Fattah El-Sisi to enhance the efficiency of the government sector and expand the provision of electronic services to citizens.