Egypt’s 144 reforms propelled private sector says Madbouly

Reuters/Amr Alfiky

The Egyptian government has implemented 144 reforms since May 2022 to support the private sector and attract foreign and local investors, according to Prime Minister Mostafa Madbouly.

More than 1,000 private sector companies are participating in state-run programmes to boost the Egyptian economy and promote private sector engagement, Egypt Today newspaper reported, citing Madbouly in a speech at the World Government Summit in Dubai.

Madbouly said that Egypt seeks to raise the contribution of the installed capacity in the renewable energy network to 42 percent in 2030 by implementing several agreements and cooperation protocols.

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He added that the country aspires to become a regional hub for green hydrogen by 2026 and a global centre for green hydrogen production by 2030, with a special emphasis on green investments.

“We are making unprecedented efforts to stimulate the performance levels of a number of economic sectors, led by agriculture, industry, communications and information technology, to raise their contribution to the gross domestic product to 50 percent in 2030.”

Egypt aims to raise the proportion of green public investments in the fiscal year 2024/2025 to nearly 50 percent to drive sustainability initiatives and reduce carbon emissions, the prime minister said.