Sisi: Egypt needs $100 billion in investments

President Abdel Fattah El-Sisi said that Egypt needs investments of $100 billion within 5 years to bridge its $30 billion dollar gap.

  During his inauguration of the expansion of an industrial city affiliated to the National Service Projects Authority, the Egyptian President said that the Egyptian economy was hit by shocks due to the rise in oil prices and primary commodities in the wake of Russia's invasion of Ukraine.

The economy also witnessed other shocks, as foreign investors withdrew about $22 billion from their investments in government debt instruments after raising interest rates by major central banks.

20 billion dollars to support Egypt

Egypt's oil-rich Gulf allies pledged $20 billion in deposits and investments to support the country considered pivotal in the region.

According to statements made by Finance Minister Mohamed Maait last November, the International Monetary Fund estimates that Egypt will suffer from an external financing gap of $16 billion during the 46-month period of the current programme.

The International Monetary Fund provides Egypt with 3 billion dollars

Granting the "golden license" to those who invest in Egypt

Al-Sisi confirmed during his speech that his country is working to encourage foreign investment through the golden license.

Companies that obtain the golden license obtain one approval to establish, operate and manage the project, and licenses to build the project and allocate the necessary facilities for it.

The origin of the golden license was that it was granted to companies establishing strategic or national projects with the aim of developing the country, especially for green hydrogen projects, the electric vehicle industry, infrastructure, seawater desalination projects and renewable energy.

Public-private partnership

He added that the partnership between the public and private sectors is one of the main files in the Egyptian economic reform program to provide more opportunities for the private sector.