The Finance Minister and Governor of Egypt at the Asian Infrastructure Investment Bank (AIIB), Mohamed Maait, said that the private sector is the engine of economic recovery and sustainable growth in a world full of challenges. Maait expressed his enthusiasm about the private sector's contribution to economic and development projects that enhance the capacity of developing countries and economies to deal flexibly with the shocks caused by geopolitical crises. Maait stressed the government's keenness to complete the structural reform process to improve the business climate, attract more investors in various vital sectors, and mobilize soft financing by establishing multilateral development partnerships that benefit from the successful international experiences where the private sector plays a key role in development projects. The minister made these remarks during a panel discussion on enhancing the role of the private sector in development on the sidelines of the AIIB annual meetings in Sharm El-Sheikh on Tuesday. The minister said that the Egyptian government has adopted many measures that support and stimulate the business climate, such as providing new tax, customs and investment incentives to attract more private investments. He also mentioned the IPO and golden licenses program and the state ownership policy document that ensure competitive neutrality and equal opportunities for both the public and private sectors. The minister pointed out that the state has also created a conducive investment environment for the private sector by building a modern and climate-resilient infrastructure that helps achieve the goal of increasing the private sector's role in economic activity to 65% in the medium term, which meets the requirements of expanding the investment activities. The minister also explained that the world is facing the negative effects of unprecedented climate change that requires collective action to find innovative solutions that promote the localization of green industries and encourage the private sector to invest in them. He added that the Egyptian government has adopted a strategy to develop the electric car industry in the medium term, as a step that supports the transition to clean transportation.
