He explained that talking about the government’s commitment to increasing the participation of the private sector in the Egyptian economy is not within the prerogative of the CBE. However, as an “Egyptian citizen”, he says that the private sector had, over the past decades, a dominant share in the gross domestic product, ranging from 70 to 80%. That is until 2011.
He also stressed that after 2011, the country witnessed a state of reluctance by the private sector to place any additional investments in Egypt, which prompted the state to pump investments to maintain the balance and stability of the country’s economy.
He explained that there is a dedicated programme to attract the private sector investment. The programme is characterized by transparency, disclosure, and speed. It will ensure not only the offering of 32 companies for private investments with a total of $40bn, but that private sector investments will significantly exceed this target.
Abdalla mentioned this during his participation in the annual meetings of the African Development Bank Group for 2023, which was recently hosted at the city of Sharm El-Sheikh, which touched on a set of important issues, including putting forward a complete vision to attract the private sector and expand work in the brown continent, according to real investment criteria based on studies. Feasibility and profits, and not out of a sense of social responsibility, in light of the unprecedented competitive opportunities enjoyed by African countries and high returns on invested capital.