Egypt targets $20 bln for private sector investments

Ahram Online , Wednesday 10 Jul 2024

Egypt targets executing $20 billion worth of investments by the private sector during the current FY2024/2025, President of the General Authority for Investments and Free Zo (GAFI) Hossam Heiba said during the third annual summit for investment in education held on Tuesday in Cairo.

hossam heiba

 

Egypt looks forward to increasing private sector investments to 48 percent of the total investments targeted during the current fiscal year, valued at about $47.2 billion, Heiba told Alarabiya Business.

He stated that the goal is to boost the private sector investment percentage of total investments to double what it was in FY2023/2024, which ended on 30 June.

Heiba added that the GAFI has granted the golden license to 31 companies since February 2023 and anticipates giving the same license to educational institutions.

The GAFI is currently focusing on attracting investments in six main sectors: industry, green energy, technology and communications, agriculture, logistics, and healthcare.

In addition, Heiba stated that Egypt's education sector needs around $7 billion worth of new investments; so we should put a new plan with new incentives to be the basis of our work.

According to Asharq Business with Bloomberg, Head of the General Authority for Educational Buildings Yousry Abdullah stated that the ministry targets adding 20,000 classes annually, commencing from the current year and up to 2030 with an annual expenditure of EGY 24 billion.

According to Alarabiya, Egypt was looking forward to attracting foreign direct investments (FDIs) worth $12 billion during FY2024/2025. However, the inking of the Ras El-Hekma city development agreement last February with the Abu Dhabi Developmental Holding Company (ADQ), worth $35 billion, pushed Egypt to raise its expectations to target $40 billion by the end of 2024.

Moreover, during the Egypt-EU Investment Conference held in June, The European Investment Bank declared 600 million euros to finance mainly the private sector.

In addition, the conference witnessed the signing of deals worth $40 billion.

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