Deputy Finance Minister Ahmed Kojak
CAIRO - 4 February 2020: Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kojak said the government is proceeding with its march of structural reform and is keen on benefiting from international expertise to boost investments.
During a meeting on Tuesday with a delegation from the European Investment Bank under Director of Operations in Neighboring Countries Flavia Palanza, Kojak said Egypt is also working on reducing its debts and budget deficit.
He added that Egypt realized a primary budget surplus of 2 percent and managed to lessen its ratio of debt to gross domestic product to 90 percent within two years, 18 percent down.
The debt ratio is expected to further drop to 83 percent by June 2020, he said.
He added that the government is keen on diversifying financial resources and tools.
He noted that Egypt became the second country in the Middle East and Africa to issue 40-year bonds at two billion dollars and this reflects investors' confidence in the country's economic performance.
He added that Egypt plans to issue green bonds by the end of the current fiscal year.
For her part, EIB Director of Operations in Neighboring Countries Flavia Palanza hailed the successful Egyptian experience in carrying out economic reforms that positively affected the social and economic conditions of people's lives.
She pledged to offer all needed support for Egypt.