Egypt targets 65% private sector contribution in investments – PM
Egypt is committed to implementing the state ownership policy document and increasing the private sector’s contribution to 65 per cent of the total state investments, Egypt’s Prime Minister, Dr Mostafa Madbouly said on Sunday.
In a meeting with the International Finance Corporation (IFC) officials, Madbouly affirmed the government’s ongoing consultations with the IFC as part of their strategy to progressively divest from government companies in targeted sectors, thereby facilitating the growth of the private sector.
Sergio Pimenta, the Vice President of the IFC for Africa, confirmed the Egyptian government’s commitment to supporting the private sector, as emphasised by the Prime Minister. He also commended the international support Egypt has received, which has led to multiple agreements, boosting confidence in the Egyptian economy and easing economic pressures.
Pimenta further clarified that Egypt’s current public asset offering programme is not driven by a need for hard currency. Instead, it aligns with Egypt’s short- and long-term vision to reform its economy and enhance private sector participation, a point stressed by the Prime Minister.
