The Egyptian government is looking forward to raising the contribution of the private sector to the country’s gross domestic product (GDP) to 50% within three years from now, Minister of Finance Mohamed Maait stated in an emailed statement on May 30th.

The government is also working on achieving its targets for the new fiscal year (FY) 2022/2023 amid the unstable global economic situation, Maait added during his meeting with the UK Ambassador to Cairo Gareth Bayley.

Under the FY 2022/2023 budget, Egypt is seeking to achieve total revenues of EGP 1.5 trillion, with total estimated expenses of EGP 2.74 billion, he said.

The country is also planning to cut its deficit to 6.1% of gross domestic product (GDP) and is targeting a primary surplus of 1.5% in the new fiscal year, he pointed out.

Moreover, the minister indicated to the state ownership policy includes new incentives that positively impact the business conditions in Egypt.

For his part, Bayley said that Egypt has become a key destination in the Middle East for British investment, praising the reforms carried out by the Egyptian government despite the global economic challenges.

Prime Minister Mostafa Madbouly previously stated during the global press conference held on May 15th that Egypt aims to boost the private sector’s contribution to 65% of the total economic investments in the coming three years.

The private sector’s contribution to the total investments in Egypt accounted for 30% during FY 2021/2022, while the public sector’s contribution amounted to 70%, according to Madbouly.

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