CAIRO, June 15 (MENA) - Prime Minister Moustafa Madbouli on Sunday said that despite geopolitical and economic challenges in the region and globally, the Egyptian economy has proven its ability to withstand and adapt.

Madbouli was addressing the "Development Finance to Foster Private Sector-Led Growth & Jobs" conference, organized by the Ministry of Planning, Economic Development and International Cooperation in the New Administrative Capital.

The event was attended by a galaxy of ministers, ambassadors, and representatives from development partners, the European Union in Egypt, international institutions, and private sector companies.

The premier highlighted Egypt's recent economic achievements, including the growth of the GDP by 4.3% in Q2 of the current fiscal year, the increase in the flow of foreign direct investments as well as the rise in non-oil exports by 33% in the first nine months of the fiscal year.

The unemployment rate has fallen to 6.3%, while the fiscal deficit declined to 6.5%, Madbouli said, adding that the public debt is expected to decrease to 85–87% of the GDP.

The private sector is the primary engine of economic growth, generating over 80% of job opportunities and contributing around 70% of GDP, Madbouli said.

He highlighted government's efforts to create a favorable environment for private investment through upgrading the infrastructure, injecting massive public investment in roads, railways, ports, energy, and airports along with launching the State Ownership Policy Document to create a more transparent and competitive market.

In order to regulate public expenditure, the government has capped public investments to focus on projects over 70% complete and enacted the 2024 Competition Protection Law to curb monopolies and enhance fair business practices, the premier said.

The government has also introduced the Golden License to fast-track project approvals, restructured the tax system, updated legislation, and streamlined non-tax financial burdens, Madbouli said.

Madbouli emphasized that structural reforms, which were designed in partnership with international financial institutions, were critical to achieving Egypt's economic progress, enhancing macroeconomic stability and promoting green transition.

He added that development finance for the private sector has reached $4.2 billion in 2024, surpassing public sector development finance for the first time, with a total of $15.6 billion mobilized since 2020. (MENA)

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