Private sector investments in Egypt soared to 133.1 billion Egyptian pounds at constant prices during the first quarter of the 2024/2025 fiscal year, representing a robust 30 per cent growth compared to the same period last year. These funds constituted 63.5 per cent of total investments, according to the latest data released by the Ministry of Planning, Economic Development, and International Cooperation on Tuesday. Conversely, public sector investments experienced a significant contraction, declining by 60.5 per cent to 57 billion pounds at constant prices, down from 144.4 billion pounds during the corresponding quarter of the previous fiscal year. The shift underscores the government's commitment to empowering the private sector by implementing structural reforms that create a more conducive investment environment, the ministry stated. These efforts are complemented by improved governance of public investments, aligning with Egypt's broader economic development goals. Development financing for Egypt's private sector also surged in 2024, reaching $4.2 billion, up from $2.9 billion in 2023, driven by key partnerships with the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB). The funds were directed toward critical sectors such as renewable energy through the NWFE Programme, small and medium-sized enterprises (SMEs), transportation, industry, agriculture, and trade. Conversely, concessional development financing for the public sector saw a decline, falling from $3.8 billion in 2023 to $3.1 billion in 2024. These trends underscore the government's commitment to fostering sustainable economic growth, prioritising private sector-led initiatives as a cornerstone of its development strategy. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
