Egypt adopted 144 reforms to support the private sector since May 2022: PM

CAIRO – 12 February 2024: Egypt is open to receiving foreign and local investors through the different opportunities it offers. The government adopted 144 reforms to support the private sector during since May 2022 to make business environment in Egypt more attractive and empower the Egyptian economy, Prime Minister, Mostafa Madbouly, made these remarks during his speech at the World Government Summit.

Madbouly said more than 1,000 private sector companies that take part in national programs which will help improve the Egyptian economy on all levels and shows the success of the government’s efforts to increase the private sector participation in the economy.

The Prime Minister added that Egypt seeks to raise the contribution of the installed capacity in the network of renewable energy to 42 percent in 2030 by implementing a number of agreements and cooperation protocols in the renewable energy sector, and is focusing its efforts in the current stage on implementing a strategy.

Egypt also aims to be a regional hub for green hydrogen by 2026 and a global center for green hydrogen production by 2030, adding that the Egyptian government attaches special importance to green investments.

“We are making unprecedented efforts to stimulate the performance levels of a number of economic sectors that support the flexibility of the Egyptian economy, led by agriculture, industry, communications and information technology, to raise their contribution to the gross domestic product to 50 percent in 2030,” Madbouly added.

Egypt also aims to raise the proportion of green public investments in the investment plan for the fiscal year 2024/2025 to about 50 percent directed primarily to spending on projects characterized by environmental sustainability and contributing to reducing carbon emissions.