Egypt’s Finance Minister Mohamed Maait said the Egyptian economy is capable of attracting foreign direct investment inflows despite international challenges.
Egypt managed to lure dlrs 5.7 billion during the first half of the 2022-2023 fiscal year, with a growth rate of 75 percent, he said.
During his meeting with Morgan Stanley representatives, he underlined Egypt’s keenness on empowering the private sector at local and foreign levels to raise its contribution to total investments from 35 percent to 65 percent within three years.
This will promote Egypt’s capabilities for sustainable growth in order to realize comprehensive development, he added.
He said Egypt is committed to a balanced drive to ensure more resilience in face of shocks, curb debt rates and alleviate the impact of the unprecedented inflation wave.
He said Egypt seeks creating a primary surplus of 1.5% by the end of 2022-2023 and 2.5% by 2023-2024.
He noted that Egypt managed to up support for exports from EGP 6 billion in the current year budget to EGP 28.5 billion in the 2023-2024 fiscal year, thus contributing to reaching average revenues of dlrs 100 billion.
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