Minister of Finance Mohamed Maait said that the Egyptian state is keen on deepening Arab economic integration, to face the intertwined global challenges resulting from the repercussions of the Coronavirus pandemic and the war in Europe, as well as climate changes that led to disruptions in supply chains and an unprecedented wave of inflation. The results of all of that were seen in the rise in prices of goods and services, and that imposed pressure on the budgets and economies of countries, which requires joint Arab investments to maximize production and export capabilities.
In his meeting with the delegation of the Arab Monetary Fund (AMF), Maait said that Egypt has promising and attractive investment opportunities for the private sector in various sectors, especially environmentally friendly ones, including ammonia, green hydrogen, and the energy generation sector from renewable and clean sources. This will make more room for the private sector to better contribute to development, creating a positive climate for all investors and opening broad horizons to attract new segments of local and foreign investors.
He added that the government has implemented many measures, policies, and reforms to achieve optimal utilization of investment opportunities, including the launch of the State Ownership Policy document, as a participatory strategy that contributes to the state’s exit from a number of activities, to empower the private sector in Egypt and increase its investments.
More private sector contribution could enhance the macroeconomic structure and sustain job-rich growth and then maximize public revenues to achieve ambitious targets, according to Maait.
He also explained that the government is making every possible effort to mitigate the severity of the global inflationary wave and its repercussions on the most affected sectors and groups.
Jaleleddine Ben Rejeb, Director of the Economic Department at AMF, said that the Fund supports all development efforts in Egypt and deepening joint cooperation to support the journey with a steady pace towards growth. “We seek to support and encourage trade between Arab countries, as well as promote Arab investments in areas related to infrastructure and regional trade chains.