Egypt’s Minister of Finance Mohamed Maeet confirmed that President Abdel Fattah El Sisi is reshaping Egypt’s economy by giving the private sector a greater role in development.
Addressing the 4th Hapi conference on Wednesday, held under the theme of ‘Empowering the Private Sector’, the minister said that the State Ownership Policy Document sets an economic constitution to increase private sector contribution to public investment and national output, hence maximising productive, export and competitive capabilities in regional and global markets.
The government is ready to listen to expert opinion on local economy, the minister said, noting the government wants to enhance the role of the private sector in leading all economic activities.
“The government is well on the way to fulfilling the aspirations of the Egyptian people in the New Republic, built on strong foundations to provide decent living standards at all levels,” Maeet said.
Maeet spoke of opportunities available for the private sector to benefit from national development projects and initiatives.
The government is working hard to stimulate investment and overcome obstacles facing investors, Maeet said.
As for the National Climate Change Strategy 2050, this will usher in more environment-friendly projects with the participation of the private sector to reduce harmful carbon emissions and improve Egypt’s competitiveness in the Environmental Performance Index, he said.
Egypt is working hard to increase the proportion of government-funded green public investments to 50 per cent by 2025, he added.
The minister pointed out that the current global economic challenges require maximising agricultural production, strengthening national industry, and increasing the proportion of local components in manufacturing.
The minister went on to say that the state has taken a series of incentives and facilities to encourage businessmen and capital owners to launch fresh mega-projects nationwide. The government is keen to back the private sector to be more involved in implementing several service and development projects nationwide, he said.
“Egypt has been undergoing transformational growth across all development sectors, including in infrastructure, road networks, healthcare, education, industry and information and communications technology,” the minister said. This big transformation is attributed to the political leadership’s unwavering vision to bring about a new Egypt to life, and the firm belief in the power of public private partnerships (PPPs) as key aspects in the development process.
When it comes to PPPs, Egypt is one of the MENA region’s key leaders. PPPs are widely recognised to be at the forefront of Egypt’s economic reform strategy to expand private sector participation in public services by utilising private sector expertise and funding in the sectors in which they operate, Maeet said.
More than 5,000 private sector corporations are involved in national development projects across Egypt, with total investments ranging from LE1 billion to LE75 billion, thus contributing massively to achieving Egypt’s Vision 2030.
Several national large-scale projects have been successfully executed thanks to PPPs, such as the New Administrative Capital, which is hosting several public partnerships in the creation of 20 housing complexes totaling $15 billion and government districts garnering $10 billion in investments.
