15 injured as Minya Al-Qamh train derails    Turkey to send delegation to Egypt in May, its foreign minister says    Egypt condemns continued attacks by Yemen's Houthi militias towards Saudi territory    Skyway Development launches EGP 700bn Bayadega project at Egypt's New Capital    SODIC hires Hermes to study acquisition offer by Aldar Properties    Egyptian President approves €1.88bn loan for monorail lines    Turkey says all issues with Greece to be discussed in meeting on Thursday    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    BREAKING: Veteran Egyptian journalist Makram Mohamed Ahmed dies at 86    Iran nuclear talks to resume amid strains over enrichment move, Natanz attack    EFG Hermes determines fair value of Arab Investment Bank at EGP1.1bln    Pressure on stuttering Atletico as rivals Real close gap in title race    Al Ahly get ready for fierce league clash against Zamalek    Fans allowed at opening match of UEFA EURO 2020: Italy    Egypt halts traditional amateur football tournaments during Ramadan    US warns of punitive actions for Lebanese blocking reforms    Egypt Press Syndicate condemns Health Ministry's alleged media obstruction    Police launch investigation after Real Madrid's bus damaged at Anfield    EU, EIB, MSMEDA inspect Community Development Programme projects in Port Said    Tokyo Games: Officials say cancelation, no fans still option    Pope Tawadros II greets Sisi on Ramadan    Egypt tourism minister discusses preparations for upcoming Arabian Travel Market with UAE    Egypt PM follows up on progress of Decent Life rural development initiative    Egypt, Turkey eye new phase of bilateral relations    Claims that Ancient Egyptians were African untrue: Zahi Hawass    Egypt's media regulation council warns channels against prolonged TV commercials    New evidence suggests gender-based labour division as farming spread in Europe    Europe scrambles as J&J vaccine delay deals another blow    Egyptian Armed Forces continue sterilisation at major mosques during Ramadan    International Cooperation Minister witnesses UNDP Egypt accelerator lab launch    Iftar Cannon: History behind special Ramadan tradition in Egypt    Egypt, Arab League, UN discuss developments in Libya    Sudan invites Egypt, Ethiopia to closed meeting on GERD    Egyptian farmers fearful as Ethiopia goes for 2nd Blue Nile dam filling    Venice Biennale readies for 17th Int'l Architecture Exhibition curated by Lebanese Hashim Sarkis    Egyptian prosecution releases two more journalists pending investigation    Opinion| The issue of the Grand Ethiopian Renaissance Dam    Nile tensions spill over    Party consensus    Art Alert: Bahgaga to bring fun to Cairo's Zamalek Theatre with comedy music monologues    Russian FM says Egypt is main partner in Middle East, Africa    Egypt sees an uptick in new coronavirus infections registers 801 new cases on Saturday    PMI moves towards a smoke-free transformation, takes part in a webinar on e-cigarettes    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt counts on private sector to increase growth levels: Madbouly
Published in Amwal Al Ghad on 27 - 02 - 2021

Egypt counts on the private sector to raise growth levels through its investments in the government's projects and initiatives, said Prime Minister Mostafa Madbouly.
Madbouly added during a webinar organised by the American Chamber of Commerce (AmCham) in Egypt that the government has allocated 500 billion Egyptian pounds for the Decent Life initiative and its affiliated projects despite the coronavirus crisis and the subsequent pressure on the state budget.
The projects of the initiative are meant to upgrade the infrastructure of Egyptian villages, improve the quality of life of their people, create job opportunities, reduce the harsh repercussions of the pandemic on the vulnerable, and enable them to access basic needs and services, Madbouly said.
The private sector should play a pivotal role in this regard through investing in the initiative's projects. "We will not continue to spend more and more from the state budget in such projects. The private sector should be at the fore, directing its investments to state projects."
Madbouly urged American investors to tap the opportunities that Egypt have, asserting Egypt's desire for more involvement in the Egyptian economy by the US private sector.
He noted that US investments in Egypt stood at about $23 billion in 2020.
The prime minister stated that COVID-19 has caused the harshest impact on the economy in seven decades. He highlighted the precautionary and pre-emptive measures that Egypt adopted during the first wave of the pandemic that contributed to, together with the successful economic reform programme, making Egypt the only country in the region to see positive growth in 2020 and to navigate the crisis with minimum losses.
He noted that the government managed to set the balance between preserving public health and managing the economy without resorting to a total lockdown.
The measures included allocating 100 billion pounds to mitigate the repercussions of the pandemic, appropriating a total of 13 billion pounds to support the export sector, applying a comprehensive system of detecting and tracking infected cases, launching the Universal Health Insurance system, and securing the basic food and medical supplies the market needs.
On the support Egypt's banking sector extended, Madbouly explained that it has allocated 50 billion poundsto back real-estate for low and middle-income classes and 20 billion pounds to support the stock market.
Egypt has also launched launching other initiatives that target boosting the private sector, small and medium-sized enterprises (SMEs) and retail loans.
"Egypt is focused now on regaining its macroeconomic pre-pandemic levels. For this purpose, we are working on upgrading the country's road networks, ports, and implementing projects that secure a sustainable and resilient economy, including establishing sustainable cities, such as the New Administrative Capital," Madbouly said.
He underscored Egypt's strategic target to be a regional energy hub, noting that the private sector has a critical role to play in this regard and has the chance to tap the significant opportunities that the sector provides.
Madbouly added that Egypt targets securing 20 percent of its energy needs from renewable resources by 2022.
He said the country has started the vaccination process already, adding that Egypt has contracted with the COVAX Coalition to receive vaccine shipments in a bid to secure the country's needs.
Coronavirus infections in Egypt are now under control, however, he added.
Myron Brilliant, executive vice president and head of the International Affairs Division at the US Chamber of Commerce in Washington, said that the US business community is focusing on investing in healthcare, fintech, digitisation, agri-business, and energy in Egypt.
Brilliant added that the US business community is committed to strengthening bilateral economic relations and investing in Egypt's growth, stressing that the US businesspersons in Washington and Egypt are paying great attention to investing in Egypt and to bring new investors to the domestic market as well.
He lauded Egypt's economic and structural reforms that enabled the country to navigate the crisis with resilience and strength.

Clic here to read the story from its source.