Supporting private sector's role is key to bridge the gap of finance, contain the crisis of world debts

Minister of Finance, Ahmed Kouchouk, affirmed that cooperation and coordination on all levels are key to ensure providing cost-effective finance to support the efforts exerted for development, highlighting the importance of supporting the role of private sector to bridge the gap of finance as well as to prevent against escalation of world debt crisis.

 

On the first day of the International Conference on Financing for Development in Spain, Kouchouk said that world debt crisis affects the development efforts, as it eliminates the efforts exerted by the developing countries to achieve sustainable development goals, pointing out that we look forward to enhancing the developmental finance and using inventive finance tools on a wide scale. 

 

Kouchouk added that stimulating mixed finance and collaterals, and redirecting the rights to withdrawal, and improving the mechanisms of dividing risks through the developmental banks represent one of the most important practical proposals, clarifying that the policies and projects of developmental cooperation should live up with national reforms.

 

Kouchouk stated that Egypt launched a number of stimulus initiatives and measures for the private sector to ensure competitiveness of economy as well as to improve business environment. He affirmed that private investments in Egypt achieve accelerating growth rates, with a share of more than 60% of the total implemented investments.

 

Kouchouk said that we prepared and implemented a package of tax facilities to build confidence with taxpayers and to expand tax base, as we succeeded to achieve unprecedented growth rates in tax revenues without imposing any new burdens; however, we alleviated the existing burdens. He affirmed that we used tax revenues in raising the spending on health, education and social protection programs for underprivileged segments.