Egyptian Finance Minister Ahmed Kouchouk affirmed that the Egyptian economy is improving and growing, and is capable of flexibly withstanding regional and international shocks and crises.
Speaking during an open dialogue with investors across three consecutive sessions organized by several institutions on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok, the minister said that the stable outlook for the Egyptian economy issued by credit rating agencies reflects the success of the structural and economic reforms implemented.
He added that balanced fiscal policies have helped encourage domestic and international capital to invest in Egypt. The private sector is driving economic activity, accounting for 65% of investments and contributing to a growth rate of 5.1%.
The minister affirmed that Egypt will continue implementing new packages of tax and customs incentives to strengthen trust and partnerships with investors. He added that the government is adopting several initiatives to support the business community, expand the productive, export, and industrial bases, and create more job opportunities.
Kouchouk also expressed Egypt’s desire to continue strengthening its economic partnership with the European Union to support the country’s fiscal and economic reform efforts. He noted that promising opportunities are available for European companies, allowing them to use their headquarters in Egypt as a gateway for expansion into the region.
During his meeting with Annika Eriksgård, Deputy Director-General for Economic and Financial Affairs at the European Commission, Kouchouk said that Egypt had taken balanced, proactive measures that helped it overcome many geopolitical challenges. He noted that the country is pursuing fiscal policies that promote economic growth, maintain fiscal discipline, reduce debt levels, and support social protection.
Kouchouk explained that Egypt achieved strong fiscal performance during the previous fiscal year, driven by growth in several sectors. He added that the government had introduced packages of tax, real estate tax, and customs incentives to encourage investment, production, and exports.
He further stated that the government is working to reduce financing costs by diversifying debt instruments, broadening the investor base, and strengthening investor confidence in the Egyptian economy. He noted that expanding the use of innovative financing instruments and blended finance helps reduce risks and attract more private investment.
🖋️Source: Al-Ahram Portal
