FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo
CAIRO - 3 October 2022: Egypt is opening its doors to local, Arab, and foreign investments, including the Kuwaiti investments, affirmed Finance Minister Mohamed Maait.
The minister, meanwhile, said that the political leadership is keen on stimulating private sector activity, especially that Egypt has an advanced infrastructure and ability to accommodate investment expansion in the various sectors.
Maait made the remarks during the Egyptian-Kuwaiti Economic Forum, which was held in the presence of Trade and Industry Minister Ahmed Samir, Chairman of the Kuwait Chamber of Commerce and Industry Muhammad Jassim al Saqr, and Vice President of the Federation of Egyptian Chambers of Commerce Mohamed Abdel Fattah el Masri, the Finance Ministry said in a statement on Monday.
Talking about the positive indicators of Egypt's economy, the minister said that the economy grew at a rate of 6.6 percent in the fiscal year 2021/2022, which is considered the highest growth rate since 2008.
The budget had a primary surplus of 1.3 percent last year, its fifth year of such surpluses, he added. The debt-to-GDP ratio would fall to 82.5 percent.
The budget had a primary surplus of 1.3 percent last year, its fifth year of such surpluses, he added.
The minister also pointed out that the debt-to-GDP ratio decreased from 103 percent in June 2017 to 87.2 percent in June 2022.
Egypt has adopted proactive policies to be more resilient to external shocks, said the minister.
The minister further noted that Egypt's Suez Canal revenue hit a record high of $7 billion in the financial year to June 30.
Egypt is earning about dlrs 500 million monthly from natural gas exports, and aims to raise that figure to $1 billion in the coming period, added the minister.
Regarding the efforts of the Egyptian-Kuwaiti economic cooperation council, the minister hailed the efforts exerted by the businessmen to promote economic cooperation between the two countries.
Kuwait is Egypt's third top trade partner, affirmed the minister, adding that there are as many as 105 joint agreements between the two countries.
The volume of Kuwaiti investments in Egypt surpassed $15 billion, said the minister, adding that the volume of trade exchange between Egypt and Kuwait hit about $5 billion.
The minister added that the document "State Ownership Policy" and "Golden License" are a strong start to empowering the private sector.
Egypt was one of the first countries in the Middle East and North Africa to issue green bonds worth $750 million in September 2020, he further said.
The revenue of the bonds was directed to financing green projects and achieving sustainable development in the fields of clean transport and renewable energy, he added.