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Egypt aims to increase industry's growth contribution to 20% this FY: Al-Said - Daily News Egypt

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Egypt aims to increase industry’s growth contribution to 20% this FY: Al-Said

NIB has managed to settle debts amounting to EGP 70bn to companies, government entities recently

Minister of Planning Hala Al-Said said on Tuesday that the government aims to increase the contribution of the industrial sector of economic growth to 20%, during the current fiscal year (FY), compared to 15% currently.

“The government aims to increase the growth rate from 7.5% to 8% and raise the investment rate to 25% by the end of the four-year plan,” the ministry said.

Concerning the private sector, the minister said the government aims to increase the contribution of private investment to from 58% to 60% from the total targeted investments.

This came during a meeting between the minister and the board of directors of the Egyptian Federation of Investors Association (EFIA), headed by Mohamed Farid Khamis, to discuss the opportunities presented by the industry sector as one of the leading sectors that the state will rely on heavily on the next stage, in addition to discussing the challenges facing the work in this sector.

“The industry sector plays an important role in the national economy, and the government is counting on it to achieve a remarkable development boom in the coming period because it is a high-growth sector,” she said.

The meeting also dealt with the details of the Egypt-Sovereign Fund, which its law has been approved in the House of Representatives.

The minister pointed out that the state is currently working on the establishment of its statute, with the aim of achieving long-term investments in infrastructure and various projects, in order to provide more employment opportunities and increase the idea of public investment projects.

Moreover, the minister announced that the National Investment Bank (NIB) has managed to settle debts amounting to EGP 70bn to companies and government entities recently.

The Minister noted that the state is currently restructuring the debts of the NIB.

Moreover, the minister of planning pointed out that 13 companies were selected to be listed on the Egyptian Stock Exchange, to start with four or five companies in next October, and the rest of the companies will be listed successively.

On the other hand, the press statement did not specify whether the minister referred to the subsidiaries of the investment bank, or the programme of offerings, which announced that 23 companies will be listed in the first phase and will start the first batch with five companies in the fourth quarter of this year.

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