Mohamed Maait, Minister of Finance, said that the investment climate in Egypt has become more stimulating and attractive. It has strong infrastructure that is capable of accommodating more productive activities. The political leadership is also strongly supporting development action by expanding the contributions of the private sector, taking into account the environmental aspect, in line with the government’s trend towards green transformation and expanding environmentally friendly projects.
Maait pointed out that the government is making great efforts for an influx of more domestic and foreign investments. A lot of measures, procedures and policies currently aim to stimulate investment, including: the State Ownership Policy Document and the Government IPO programme.
During his meeting with Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and acting CEO of the Islamic Corporation for Development (ICD), Maait noted that Egypt is pursuing a flexible path in managing the state’s public finances. “This will enable us to accommodate internal and external shocks resulting from successive global crises, as well as meet the basic needs of citizens, without prejudice to the requirements of the safe economic path. It is based on raising the efficiency of public spending, achieving financial discipline, and preserving the primary surplus,” he said.
Maait also highlighted Egypt’s aspiration to enhance cooperation with ITFC in developing the financing system using all possible types of instruments in the coming stage. Moreover, Egypt supports the efforts to facilitate trade movement, through the optimal use of modern technology in simplifying and mechanizing customs procedures. This helps reduce the customs release time, and thus reduce the cost of goods and services as much as possible, in light of the unprecedented challenges the global economy is witnessing.
For his part, Hani Salem Sonbol said that ITFC is ready to provide all possible means of support to Egypt, in line with the increase in ITFC’s activities in development. “We are looking forward to participating in financing and investing in climate projects, as well as being more present with the private sector through financing programs, especially in investment projects related to energy, education and technology,” said Sonbol.
