Egypt will announce a national strategy for expanding partnership with the private sector dubbed the ‘State Ownership Policy Document’ next month, Prime Minister Mostafa Madbouli said during a cabinet meeting on Wednesday.
The document will be discussed in detail at a press conference set to be held after the Eid Al-Fitr holiday, which ends on 5 May, Madbouli said in a statement.
The cabinet is currently receiving comments from various ministries regarding the strategy, which is a “fundamental” step in the country's efforts to boost private sector participation in the economy, Madbouli said.
The strategy is meant to "empower the private sector and regulate the state's presence in economic activity to complement the governmental reforms adopted by the Egyptian state," the prime minister said.
The document, Madbouli assured, represents an assurance for local and foreign investors, and should contribute to promoting confidence from international institutions.
Egyptian President Abdel-Fattah El-Sisi has repeatedly invited the private sector to participate in new projects with the public sector, noting that the latter "had proven incompetent in management in the last 40 years."
Source: Egypt Today
