Egypt aims to ignite economic growth with $5 billion project initiative

Posted on September 22, 2023   |  

Egypt unveiled plans to launch a $5 billion project initiative between October 2023 and June 2024, aimed to bolster the private sector and stimulate economic growth.

The government introduced a complete package of 27 reform measures, categorized into 3 main areas: asset sales and IPOs, attracting private sector investments, and governance and transparency enhancements.

A key objective of these reforms is to promote citizens' participation in institution ownership and provide investment opportunities for major investors through a one-year program.

The government's reform agenda also focuses on improving governance, transparency, and market regulation. 

These efforts include publishing regular reports on tenders and auctions, activating the Competition Authority's plan, preventing monopolistic practices, and ensuring effective coordination among relevant authorities.

Egypt is committed to a range of reforms aimed at enhancing the investment environment and elevating the competitiveness of its economy. 

These initiatives include the launch and development of an executive plan to activate the intellectual property strategy.

The government's initiatives are aligned with the "State Ownership Policy Document" and its overarching goal of fostering economic growth primarily driven by the private sector. 

To date, 171 reform measures are planned, with 144 of them already implemented. These reforms cover critical areas, including policy flexibility, exchange rate reforms, competition enhancement, industrial sector support, investment and business environment improvement, legal and regulatory reforms, and state ownership policy implementation.