Saeed: Egypt has the fastest growing entrepreneurship system in ME, N.Africa

Minister of Planning and Economic Development Hala el Saeed said Egypt has the fastest growing entrepreneurship system in the Middle East and North Africa.


She said Egypt is keen on implementing all-out reforms at all levels in spite of the repercussions of the coronavirus pandemic, noting that positive results have been already achieved.


She made the remarks on Saturday in her speech before a delegation of Chief of Executives Organization which was established in 1958 and comprises 2,000 business leaders from 50 countries.


She referred to the measures taken by the state to confront the coronavirus, noting that the Egyptian economy became the most flexible in the face of the pandemic.


Egypt has launched a structural reform program for shaping its economy in the post-pandemic period, she noted.


She pointed out that Egypt Vision 2030 is aimed at providing a long-term strategy for attaining the sustainable development goals and solving the pressing major issues in the current period and in the long term.


She said that there are great potentials for both Egyptian and foreign investors to achieve Egypt’s ambitions.


She noted that Egypt was one of a few world countries that managed to achieve positive growth in 2020 that reached 3.6 percent.


She added that the annual inflation rate became 4.5 percent in March 2021 compared with 23 percent in 2016.


The hard currency reserves jumped to dlrs 40 billion in April, she said, adding that that unemployment rate dropped to 7.2 percent in the fourth quarter of 2020.


She noted that – according to the Central Bank of Egypt – the US is the third largest foreign direct investor in Egypt in 2018-2019 followed by the UK and Belgium.


She added that public investments in the infrastructure sector hit EGP 1.7 trillion over the past seven years.


She added that Egypt jumped six spots to occupy the 114th position among 190 states in the 2020 Doing Business Report which was issued by the World Bank.


She noted that green projects account for 30 percent of the current fiscal year’s plan, noting that this percentage will be upped 50-60 percent by 2024-2025.


She added that Egypt was the first in the Middle East and North Africa to launch green bonds at dlrs 750 million.


She noted that Egypt was selected to host COP27.


Source: State Information Service Egypt

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