Minister of Finance Mohammed Maait said in a statement issued on Saturday that Egypt has become, according to the report of the Bloomberg, the fastest growing economy in the Middle East and the destination preferred by emerging market investors.
Maait added that the report reflects the promising investment opportunities provided by the Egyptian state, highlighting the strategic geographical location of Egypt, which is a gateway to the African market.
He affirmed that Egypt is keen to support the local industry, bring international expertise and technology in the country as well as maximizing the utilization of natural resources.
“The government seeks to create more jobs for the youth, promote sustainable and diversified growth through investment, production, and exportation,” the statement added.
For the fiscal year 2019-20, the state budget saw the highest increase to reach EGP 140 billion, particularly to boost government investments through the public treasury.
He concluded that the amendments to the new investment law encourage existing companies to expand their projects and open new production lines, taking advantage of the additional incentives provided.
In addition, Deputy Minister of Finance for Financial Policies Ahmed Kajuk said that the ministry is working on reducing the debt to 93 percent of GDP by June 2019.
He added that investments, particularly in the education and health sectors, increased by 54 percent. Meantime, Egypt targets growth of 5.6 percent in the current FY, compared with its previous target of 5.8 percent.