Egypt eyes implementing $52bn-investments, reaching 5.5% growth rate

The Egyptian government aims at executing investments worth 418 billion Egyptian pounds (US$52 billion) within fiscal year 2015-16, Investment Minister Ashraf Salman stated Tuesday.

By those investments, the government targets achieving 5.5 percent growth rate of GDP, the minister said.

Salman made these remarks during the third Partnership for Development Initiative held on Monday.

The conference – entitled “Leasing: A Catalyst promoting national projects and SMEs”- took part under the auspices of a number of ministries and competent organisations, including the Egyptian Financial Supervisory Authority (EFSA).

The government needs great participation of the private sector- around 75 percent – to implement the targeted investments, the minister added.

In fiscal year 2014-15, the private sector has participated with 70 percent of the total volume of the implemented investments; estimated at 360 billion Egyptian pounds, Salman clarified.

He asserted that the Egyptian government is paying a great intention to enhance the participation of private sector besides offering new financing tools to the market through issuing a number of regulations.

Slaman noted that leasing activity is one of the most prominent funding tools since it has achieved 91 percent growth rate at the end of September 2015; estimated at 9.8 billion pounds.

Moreover, leasing activity is playing vital role in a number of foreign markets as it is participating by 18 percent in USA and 14 percent in emerging markets.