Mohamed Maait, Minister of Finance, has stressed Egypt’s aspiration to strengthen strategic relations and joint development cooperation with the United States of America, in various fields, especially at the economic level. He pointed out the strength and depth of strategic relations that bring together the two countries in various fields, noting the keenness of both parties to increase joint investments.
Maait said, during his meeting with John Desrocher, the Chargé d’Affaires of the US to Cairo, that we call on foreign investors, especially from America, to utilize the promising opportunities in Egypt, in the productive sectors, infrastructure and digital transformation projects, in light of the fruitful efforts to prepare the legislative and institutional structure. He also highlighted the measures aimed at attracting more investors and foreign investments, the most recent of which was the establishment of the Supreme Investment Council, to improve the business environment, in addition to the golden license, the state ownership policy document, and the government offerings programme. He pointed out the intensive work in order to reach the goal of $100bn exports during the coming period.
The Minister of Finance affirmed the government’s commitment to achieving financial discipline and reducing debt rates to less than 80% of GDP by 2026/2027, despite the difficult global economic challenges in various countries, especially emerging economies. Maait explained that this was done during the fiscal year ending in June 2022 achieving a primary surplus for the fifth year of 1.3% of GDP, instead of a primary deficit that has lasted for more than 20 years, and we target 2.5% in the next fiscal year’s budget.
The meeting was attended by Mona Nasser, Assistant Minister for Follow-up and Customs Development Projects, Ambassador Hossam Hussein, Advisor to the Minister for Foreign Relations, Doaa Hamdi, Acting Head of the Foreign Relations Unit, and Nisreen Lashin, Head of the Investor Support Unit.