Cairo – Mubasher: The Egyptian Minister of Finance said that international acknowledgments of the recent economic reforms and the improved performance by the Egyptian economy are opening new horizons for attracting foreign investments, including in portfolios.
Foreign investors are showing increased demand for investing in Egypt, which became the leading emerging market in terms of investment and portfolios inflows during 2020, according to a report by Deutsche.
Mohamed Maait further noted that the economic reform program helped improve the business environment with improved finances, as well as lower rates of public debt, budget deficit, and inflation, and an improved performance by the Egyptian pound against foreign currencies.
The minister expects more incentives for the private sector for partnerships in the development process, to help achieve sustainable growth rates that are supported by exports and investments, thus, creating more job opportunities, better services, as well as improved standard of living and quality of life to all citizens.
Deutsche Bank expects the Egyptian economy to grow by 5.8% during the current fiscal year (FY), and by 5.9% in FY20/21, the minister added, noting that the government targets a 6% growth rate.
Egypt ranked first among emerging markets, in terms of lowering debt ratio, said the minister, adding that the Egyptian government successfully lowered the debt of public entities by 18% in just two years to around 90%, a rate that is expected to further decline to 84% by June 2020.
