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Egypt expected to achieve medium-term economic growth at 5%, public debt to GDP ratio projected to decline: Finance minister

Mohamed Maait made his comments during his participation in a virtual event that kicked off Monday bringing together UK and Egyptian business representatives

Doaa A.Moneim , Wednesday 11 Nov 2020
 Minister of Finance
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Egypt is expected to achieve medium-term economic growth at five percent, with the public debt to GDP ratio projected to decline as well, Minister of Finance Mohamed Maait has said.

Maait made his comments during his participation in the Egypt week in the UK virtual event that kicked off Monday.

Maait added that Egypt has managed to attain an initial surplus to GDP ratio of two percent in the current FY2020/2021, driven by government commitment to support and push forward domestic economic activity as well as growth rates.

Maait also highlighted Egypt’s issuing of its first sovereign green bonds in international stock markets, a first in MENA region, saying that the country is leading the region toward green investment through providing sustainable finances for eco-friendly projects in housing, clean transport, water and sanitation, and renewable energy sectors.

On investment climate in Egypt, Maait stressed that the government is implementing economic reforms that help advance the environment for doing business along with bolstering the sustainability of public finances and enhancing Egypt’s economy growth capabilities. He added that the state counts on the private sector as the key engine of Egypt’s economic growth and boosting the country’s macroeconomic structure.

Egypt is eager to create an enabling environment for investment, especially in promising sectors, including petroleum, renewable energy, petrochemicals and transport, in addition to other industrial sectors, according to Maait. He added that Egypt has managed to maintain key credit ratings along with positive growth forecasts despite the Covid-19 crisis and its associated impacts.

Khalid Nosier, head of the British-Egyptian Business Association (BEBA), said that Egypt is playing a pivotal role in international trade in the region, enjoying robust trade relations with the UK, asserting the importance of adapting to new challenges that the pandemic has imposed.

BEBA launched Egypt’s first Virtual Business Week from 9 to 12 November, the outcome of joint efforts between BEBA and the Egyptian British Chamber of Commerce (EBCC) in collaboration with the Egyptian Embassy in the UK and the UK’s Department for International Trade (DIT).

The virtual week comes as a substitute for BEBA’s trade mission to the UK and Egypt’s trade cooperation mission.

The virtual week is focused on discussing the green economy as a means to support sustainable development goals, sustainable growth and development for future generations, as well as the future of gas and oil, education, the strategy of the Suez Canal economic zone, sustainable financing solutions and cooperation opportunities between Egypt and the UK in the field of telecommunications, and the consolidation of digital transformation in all industries.

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