Gov’t opening way to greater private sector role

The government is working on increasing opportunities for the private sector to take on a larger role in development in implementation of directives from the political leadership.

This statement by Minister of Finance Mohamed Maeet came during an open dialogue with professors and students of Misr University for Science and Technology (MUST) on Monday.

The government has endeavoured to develop infrastructure in order to accommodate more production, the minister added.

Natural gas exports, worth $600 million per month, have helped pay a large portion of the oil import bill, especially since the price per barrel has reached unprecedented levels, Maeet said.

“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 added.

The minister went on to speak of opportunities available to the private sector to benefit from national development projects and initiatives.

The government is striving to stimulate investment and overcome obstacles facing investors, he said.

“We are working on mitigating the effects of inflation that is due to tough global economic conditions due to the coronavirus epidemic and the war in Ukriane,” he added.

The minister went on to say that the state has adopted a series of incentives and facilities to encourage businessmen to launch mega-projects nationwide.

“The government is keen to back greater private sector involvement service and development projects nationwide, while a further set of measures have been taken to help vulnerable families meet the current economic challenges,” the minister said.

“The government is also proceeding with implementing the recommendations of the Economic Conference and the UN climate summit (COP27) in order to lay the foundations for a more sustainable and competitive economy.

“This economy, in turn, will help the government overcome global challenges, create opportunities for development, and achieve high growth rates,” the minister said, pointing out that Egypt has major competitive advantages in the field of green economy.