Egypt should rely more on the private sector to finance its ambitious economic growth and create jobs, according to Minister of Finance Mohamed Maait.
“We have no other alternative than to go down this road. We make it very clear with the economic structure reforms that we drafted and presented, that we must rely more on the private sector,” Maait said.
He stressed that the state has to take all the measures necessary to make the private sector lead its economy.
Maait’s remarks came during his participation in the first edition of the Egypt International Cooperation Forum (Egypt-ICF), organized under the patronage of President Abdel Fattah Al-Sisi.
He said the state was the main driver of growth in the past, but after the 2011 Revolution, Egypt suffered a shortage in hard currency, electricity, and natural gas, in addition to other problems that were not encouraging the private sector, whether local or international, to participate in the economic development process.
“So we had to interfere. We had to develop the infrastructure, and present a suitable business environment which can attract the private sector and international investors to work in Egypt,” Maait concluded.