Planning Minister Addresses IFC Conference on Sustainable Investment in Egypt

H.E.Dr. Hala El Said, Minister of Planning and Economic Development, participated in a session titled "Public Sector Meets Private Sector: Unleashing Sustainable Investment in Egypt" held as part of the high-level conference titled International Finance Corporation Day, hosted by the corporation in Egypt.

Joining the session were Dr. Rania Al-Mashat, Minister of International Cooperation; Dr. Mohamed Maait, Minister of Finance; Stefan Gimpert, Regional Director for Egypt, Yemen, and Djibouti at the World Bank; Engineer Tarek Tawfik, President of the American Chamber of Commerce; and the session was moderated by Sheikh Omar Sela, Regional Director of the International Finance Corporation.

During her speech, Dr. Hala El Said, Minister of Planning and Economic Development, explained that Egypt's Vision 2030 and its updated version rely on the fourth main goal, aiming to develop Egypt's economy towards a diverse knowledge society based on a conducive and encouraging work environment. She emphasized the role of the private sector as a key player in this context, as it represents the main driver of sustainable development and a major source of employment in our country.

El Said added that the structural reform plan, launched at the end of 2021, represents serious efforts to enhance the role of the private sector as a key element in building Egypt's future. This plan consists of four main aspects, some of which focus on strengthening the role of the private sector. Considering Egypt's demographic reality, characterized by a high percentage of youth, approaching 70% of the population under the age of forty, updating the labor market becomes necessary to meet the requirements of the modern economy.

El Said clarified that the private sector's share of investment during the current fiscal year reached 40%, targeting to reach 50% during the next fiscal year. She also pointed out the increase in the private sector's share in the gross domestic product during the current year to reach 71%, while the private sector's share in employment during the current year reached 80%.

Regarding the implemented reforms, El Said noted that Egypt has witnessed continuous efforts over two distinct phases. The first phase, which began in 2016, included a series of interventions on the financial and monetary fronts, in addition to strategic investments in infrastructure. The second phase focused more on enhancing the real economy and boosting the role of the private sector.

El Said highlighted the noticeable increase in the private sector's share of investment and gross domestic product, as well as its growing role in providing employment opportunities, stating that to further enhance the dynamics of the private sector, the state has implemented a set of measures ranging from simplifying procedures in investment laws to formulating a state-owned property policy.

She also emphasized the necessity of restructuring the public-private partnership framework, in addition to establishing the Egyptian Sovereign Fund, which has significantly contributed to attracting private investments in various sectors. She pointed out the sub-funds of the fund, targeting areas such as financial technology, infrastructure, and green initiatives, reflecting the state's determination to mitigate risks and attract private participation in transformative projects.

El Said concluded that these multi-faceted initiatives affirm the state's commitment to enhancing a dynamic and comprehensive economic system, with the private sector being the main driver of growth and development. She affirmed that the journey towards development requires continuous efforts and collaboration and effective coordination among all stakeholders, both domestically and internationally.