Egypt caps public investment at EGP 1t to combat inflation

Egypt aims to reduce inflation rates by cutting public investments to one trillion Egyptian pounds, Prime Minister Moustafa Madbouly told a meeting on Monday as per a Cabinet statement.

The meeting focused on reviewing the role played by the public investment governance committee, which is entrusted with overseeing the investment plans for the fiscal year 2024/2025 of public entities in which the state has a share of more than 50 per cent of their capital, the same statement said.

The primary responsibility of the committee is to ensure that government investments do not exceed the financial limit of one trillion Egyptian pounds to give the private sector the chance to lead the economic activity.

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