Egypt expects the private sector to pump nearly 987 billion Egyptian pounds ($19.7 billion) into domestic projects during fiscal year 2024-2025, a Minister has said.

The government has set an investment target of nearly EGP2 trillion ($40 billion) during the current fiscal year which started on 1 July 2024,  the Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said.

Nearly half of those investments should come from the private sector, which is gaining ground due to the government policy to expand its role in the domestic economy, Mashat said in a statement published by Al-Ahram daily and other publications.

“The structural reforms being undertaken by the government are based on three main pillars, including boosting the macro-economy, improving the business environment and encouraging investment by the private sector, which should contribute 49.7 percent of the total investments targeted during 2024-2025,” she said.

“Enabling the private sector and expanding its role in development is a key target of the government….therefore, the reform programme will give priority to incentivizing the private sector to play a greater role and to increasing local and foreign investment.”

(Writing by Nadim Kawach; Editing by Anoop Menon) 

(anoop.menon@lseg.com)

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