CAIRO – Egypt’s Finance Minister Mohamed Maait said the Ras El Hekma development project demonstrates Egypt’s ability to attract foreign direct investments (FDIs) as a result of the significant efforts made by the State to create an attractive business climate.
Maait made the comments during his meeting with the European Commission’s Deputy Director General for Economic and Financial Affairs, Elena Flores, on the sidelines of their participation in meetings of G20 finance ministers and central bank governors in Brazil’s São Paulo, according to a press release by the Finance Ministry.
The two sides discussed ways of strengthening economic ties between Egypt and the European Union (EU) and G20 countries, amid global economic crises that require concerted efforts between developing and developed countries.
The pair exchanged views on how to develop the current global financial structure to serve emerging economies.
The finance minister said Egypt is keen on engaging in joint international action on various issues on the agenda of the G20 meetings, especially priority issues for Egypt, Africa and developing countries such as food, energy, debt, development financing and the reform of the world economic system.
Maait stated the Egyptian State relies on the private sector to achieve an inclusive and sustainable economic growth that is based on drawing further domestic and foreign investments that contribute to increasing the local production and stimulating exports.
The Egyptian government targets maintaining the financial discipline of the State budget, bringing about an initial surplus, reducing the rates of budget deficit and debt to GDP, while extending the social protection umbrella to mitigate the negative impacts of the global inflationary wave on citizens as much as possible, Maait said.
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