Increasing the private sector’s participation is a state priority, the Sovereign Fund of Egypt (TSFE) head was reported by local media as saying
The Egyptian state must support private investment when it faces slowdown while preventing monopoly and ensuring competitive neutrality, National Dialogue assistant rapporteur Mahmoud Sami said Monday.
Maait attributed this to the interest rate hikes in Egypt and global markets, and reassured about the performance of the Egyptian economy in light of the current global crises.
Egypt’s Manpower Minister Hassan Shehata announced that next Thursday, 4 May, will be a paid day off for the private sector employees on the occasion of Labor Day.
Manpower Minister Hassan Shehata announced Tuesday that next Monday will be considered a paid day off for private sector employees and civil servants, alike, on the occasion of Sham El-Nessim.
The framework of international cooperation and development financing for Egypt is built on years of collected experience, Mashat said.
The IFC has a growing investment portfolio amounting to about $1.5 billion in investment projects in Egypt, in addition to $32 million in advisory programs.
The round table is part of the president’s first visit to Egypt, in light of the distinguished relations between the two countries, and the mutual high-level visits in order to advance relations on all levels, as well given the previous visit of President of the Arab Republic of Egypt, President Abdel Fattah El-Sisi to Uzbekistan, which witnessed the signing of several documents of joint cooperation.
In addition to Al-Mashat, the panel included Kevin Kariuki, Vice-President of Power, Energy, Climate and Green Growth, African Development Bank Group (AfDB), Aaron Leopold, CEO of EnerGrow, Esther Penunia, Secretary-General, Asian Farmers’ Association, moderated by Kitty van der Heijden, Director-General for International Cooperation, Ministry of Foreign Affairs, Kingdom of the Netherland.
“My office is ready to take any ideas or complaints about challenges the private sector is experiencing to help to overcome all obstacles hampering business activities,” he added at a news conference following his inspection tour of projects in the 6th of October City.
The Minister pointed out the importance of expanding the scope of cooperation between the IFC and private sector companies in Egypt through credit lines to banks to promote the development of small, medium and micro enterprises (SMEs), in addition to the availability of green bonds, to increase investments in various fields.
Minister of International Cooperation Meets the WBG Regional Director for Equitable Growth, Finance and Institutions to Discuss 2023-2027 Country Partnership Framework (CPF) & Private Sector Engagement
Egypt’s President Abdel Fattah El-Sisi has approved the State Ownership Policy Document that aims at regulating the state’s presence in economic activities.
In his speech, the climate champion referred to the recent report by the International Adaptation Centee, which indicated that 11.4 billion euros were spent on adaptation, with only 3 percent coming from the private sector, which requires further efforts in this regard.
Sisi made his remarks on Tuesday during the inauguration of a number of projects belonging to the General Authority for Investment and Free Zones (GAFI).
The volume of private sector investments is expected to reach about 300 billion pounds during the new fiscal year.
Abdel Ghaffar added that the hospitals offered to private sector companies for investment include, "The Coptic Hospital, Heliopolis, and Sheraton".
Maait added that it also aims to increase the proportion of its contributions from the total implemented investments to 65 percent, and attract foreign direct investments of $10 billion annually over the next four years.
In a statement, the IDSC said that Fitch Solutions expected Egypt's construction sector to grow by 11 percent on an annual basis in 2022.
Jaber pointed to large attention from brotherly countries to the initiative's details to join it.