Egypt’s government has moved quickly and proactively to address current exceptional challenges, helping ensure continued economic activity and the availability of goods and supplies, Finance Minister Ahmed Kouchouk said.
Speaking to reporters during a press conference on the new state budget, Kouchouk said the government’s “swift and proactive response” had been welcomed by institutions, credit rating agencies and investors.
Egypt will continue its economic reform programme to stimulate investment, production, exports and growth, he added, noting that the government aims to complete three public offerings before the end of the current fiscal year.
“We are maintaining the pace of reforms and offerings while enhancing participation of the private sector and its contribution to economic activity,” Kouchouk said.
The minister added that the government is working to create more attractive economic opportunities to draw investment inflows, with more than 20 new projects planned under public-private partnership frameworks.
Kouchouk said 120 billion Egyptian pounds had been allocated to energy support in the upcoming fiscal year budget. Efforts are also underway to improve energy efficiency, expand renewable energy projects and boost investments to upgrade transmission and distribution networks.
He added that funding had been earmarked to accelerate work on the El Dabaa Nuclear Power Plant project and meet its planned timeline.
The government is also pushing to adopt more efficient transport systems across state entities, he said.
Kouchouk noted that Egypt annually hedges around 50% of its petroleum product needs and is studying expanding that approach. He added that the finance ministry is coordinating with the irrigation and agriculture ministries on a new initiative to rationalise water use and deploy modern technology.
