Egypt mobilizes all its capabilities to stimulate investment and enhance domestic production

Mostafa Madbouly, Egyptian Prime Minister, said: We congratulate ourselves on the important partnership with the International Finance Corporation. Today, we are scheduled to implement elements of the country partnership framework between the World Bank Group and Egypt for the year 2023 to 2027, which was approved by the Board of Directors of the World Bank last March. 

Private sector

He explained that these agreements increase Egypt's international partnerships and help strengthen the role of the private sector in contributing to diversification in Egypt, noting that this country framework enhances the competitive partnership between companies.

Economic sectors

The Prime Minister confirmed that the government has taken additional steps to enhance the participation of the private sector and investment in the economy through the program, which extends to 18 basic economic sectors, to ensure a broad growth process, so we have an asset evaluation unit in the Council of Ministers, which is responsible for implementing various programs.

He noted that providing practical experience in this field and sales, in addition to the standards of partnership between the public and private sectors, relations with Egyptian counterparts, and the great knowledge that you have in the Egyptian context, is a matter that enhances this focus on Egypt.

He Noting that a number of companies were announced some time ago, which were estimated at 32 companies that the Egyptian state intends to offer, whether to strategic investors or through a public offering on the stock exchange.

State ownership policy document

For his part, Dr. Mohamed Maait, Minister of Finance, said that the “state ownership policy document” aims to increase the private sector’s contribution to the gross domestic product, and the “government offerings” program, which includes offering 32 state-owned companies on the Egyptian Stock Exchange until the first quarter of 2024 achieving $2 billion before the end of the current fiscal year, in addition to the golden license that helps shorten the procedures for setting up investment projects in the shortest possible time, in a way that contributes to creating a more stimulating environment for production and export, to achieve optimal utilization of our resources, strong infrastructure, and promising economic sectors. 

 The minister said that macroeconomic indicators during the past 11 months of the current fiscal year witnessed an improvement, as “we were able to achieve a primary surplus of about 1.2% of GDP and tax revenue growth of 29.4% as a result of the development and digitization work that the system witnessed during past years.