Egypt opens its doors to partnering with the local and international private sector to build a more competitive and diversified economy with the ability to improve the standard of living

Encouraging the private sector to participate in the implementation of transport, health, education and other infrastructure and public services projects

We have made remarkable progress during the past period. The next phase will see more "participation contracts" to provide greater and better opportunities for the private sector

 

 

 

Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies, confirmed that Egypt is on the cusp of a new phase of stability and economic growth led by the private sector, explaining that Egypt is opening its doors to partner with the local and international private sector to build a more competitive and diversified economy and more capable to improve the standard of living.

 

He said, at the conference of the Center for International Private Projects (CIPE), that we are working to encourage the private sector to participate in the implementation of transport, health, education and other infrastructure and public services projects, pointing out that we  have made remarkable progress during the past period, and the next phase will witness more "participation contracts" to provide greater and better opportunities for the private sector.

 

He added that we are adopting ambitious financial reforms to enhance the role of the private sector in driving development, expanding the base of domestic production, and increasing our competitiveness in international markets. He pointed out that we are working to improve public financial management, raise the efficiency of government spending, achieve fiscal balance and reduce the burden on the budget. Government spending has been capped, and priorities have been rearranged by focusing on the health, education and infrastructure sectors.

 

He stressed that we believe that the success of financial reforms depends heavily on creating an attractive business environment and stimulating investment. Therefore, we seek to improve the relationship between "The Tax Authority" and the business community, build new bridges of trust, ensure tax stability, simplify administrative and tax procedures, enhance transparency, and provide a business climate characterized by competitive neutrality.

 

He said that there is a new investment stimulus package through initiatives to stimulate and grow vital sectors, especially industry, export, tourism, renewable energy and technology. He pointed out that we aim to achieve fiscal discipline and bring the debt rate down to levels less than 85% of GDP during the next three years. By the end of last June, we had already succeeded in reducing the external debt rate of the public budget agencies by about $4 billion.