Dr. Mohamed Maait, Minister of Finance, called on investors around the world to invest in Egypt, in conjunction with hosting the Climate Summit, saying: “We have promising opportunities in various sectors, a strong infrastructure, and a business climate that has become more attractive to investment. Our economy is more diversified and capable of facing global shocks. We are continuing, with a strong political will, to carry out structural reforms to localize the industry and rely on local production, targeting more investments in green energy projects, including green hydrogen, by working hard to enable the local and foreign private sector to lead the locomotive of sustainable and rich economic growth. With jobs, in order to provide one million job opportunities annually, and in order to achieve this, the state ownership policy document is launched, which opens new horizons through which we look forward to attracting foreign direct investments worth $10 billion annually over the next four years,” noting that the last fiscal year witnessed An increase in the volume of foreign investments by 53.5%
The minister added that we are continuing to implement the program of offerings for state-owned companies in the stock market, to stimulate investment and enhance the role of the private sector in economic activity.
During his participation in the Bloomberg Emerging Markets and Borders Forum in New York, the minister said: “In Egypt, we pursued proactive policies to adapt to external shocks, maintain stable financial performance, and support social protection programs, as we succeeded during the last fiscal year ending in June 2022, in Achieving a growth rate of 6.6%, a primary surplus of 1.3%, and a total deficit of 6.1% of GDP, and bringing the debt rate of budgetary agencies to 87.2% of GDP, and we aim to reduce it to 75% by 2026.
The minister explained that there are a number of vital sectors that have achieved good performance despite the unprecedented challenges that the global economy is witnessing, as a result of the repercussions of the war in Europe, which intertwined with the consequences of the “Corona” pandemic, as the Suez Canal achieved the highest return of about 7 billion dollars, and The oil sector recorded surpluses of about 5 billion dollars, while our exports of natural gas amounted to 500 million dollars per month, and we aim to reach one billion dollars, during the coming period, in addition to an increase in non-oil exports by 30% annually.
The minister indicated that the state is working with a balanced methodology between achieving financial discipline and expanding the umbrella of social protection for the most needy groups by raising the efficiency of public spending and rearranging priorities, pointing out that an exceptional package of about 135 billion pounds has been allocated, and the disbursement of an exceptional aid package of 9.1 billion pounds. One million families from the most vulnerable families for a period of 6 months, in addition to the “Solidarity and Dignity” program, which covers about 20% of citizens, in addition to improving the wage and pension structure; This contributes to alleviating the burdens on citizens and reducing the inflationary effects of the current global crisis.
The minister explained that the state is adopting an ambitious strategy to diversify sources and financing tools and reduce the cost of development projects, especially in light of the harsh repercussions of the war in Europe on the whole world, especially the emerging economies, which suffer from the high cost of financing, the unprecedented inflationary wave, and the increase in the prices of basic commodities such as wheat and petroleum products. services as well; As a result of the imbalance of supply and demand in a way that disrupted supply and supply chains, stressing that Egypt was one of the first countries in the Middle East and North Africa to issue green bonds worth 750 million dollars in September 2020, and the return from them was directed to environmentally friendly national projects, explaining that we are studying During the coming period, we will issue sovereign sukuk, green sukuk and green samurai bonds, after we succeeded in issuing the first offering of samurai bonds with a value of half a billion dollars.