Finance Minister: Egypt’s economy strong, resilient

Egypt’s economy achieved positive growth rates during the fiscal year ending June 2022, affirmed Finance Minister Mohamed Maait.

Egypt achieved a primary surplus during the fiscal year 2021-2022, amounting to 1.3 percent of GDP, said the minister, adding that the budget’s overall deficit slashed to 6.1 percent.

He further said that Egypt’s debt-to-GDP ratio dropped to 87.2% in June 2022.

The performance presentation for the fiscal year 2021-2022 established a positive impression of the resilience and solidity of the Egyptian economy among international financial institutions, added the minister during his meeting Wednesday with representatives from the Japanese companies operating in Egypt.

The meeting, which was organized by the Japanese Businessmen Association (JPA), saw the presence of Japanese Ambassador to Egypt Oka Hiroshi.

The minister, meanwhile, pointed out to the mega projects which are being implemented in Egypt, adding that these projects contributed to attaining a growth of 6.6 percent during fiscal year 2021/2022.

Such projects also contributed to providing thousands of job opportunities, despite the ongoing global challenges arising from the extraordinary fallout from the Covid-19 pandemic and the adverse impacts of the Ukrainian crisis, added the minister.

“We still have promising and attractive opportunities for local and foreign investments in various fields,” affirmed the minister.

The government is keen on enhancing the private sector’s participation in unprecedented major projects, he went on to say.

The minister further affirmed that the government seeks to simplify and facilitate customs procedures.

“We are looking forward to increasing Japanese investments in Egypt”, said the minister, noting that the volume of Japanese direct investments in Egypt increased by 52% during the last fiscal year.

The volume of trade exchange between the two countries reached about dlrs 1.5 billion in 2021, with a 13% increase a year earlier, noted the minister.

Egypt is studying with Japan the issuance of green Samurai bonds during the coming period, he said, adding that the move came after Egypt successfully issued the first Samurai bonds in the Japanese market, valued at 60 billion Japanese yen, which attracted many Japanese investors.

For his part, the Japanese ambassador voiced appreciation to the support of the finance minister of the Japanese business in Egypt, which contributes to creating an attractive business climate.

The Egyptian-Japanese economic ties witnessed a quantum leap over the past years, added the ambassador.

The finance minister’s meeting with the Japanese businessmen greatly contributes to removing all obstacles facing them in Egypt and encouraging them to expand their investments, he added.

Source: State Information Service Egypt

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