Finance Minister: Private Sector Proved Responsive to Economic Reforms, Captured 65% of Investments

Cairo – Nadeh Imam: Finance Minister Ahmed Kigouk affirmed that stimulating investment across various sectors tops our priorities within the framework of a genuine partnership with the business community. The minister added that, during his meeting with the president and members of the Egyptian Association for Direct Investment and Venture Capital, the private sector had demonstrated a rapid and strong response to economic and financial reforms, accounting for 65% of investments, and underscored the seriousness of adopting any initiative aimed at enhancing the competitiveness of the Egyptian economy and advancing the growth trajectory. He noted that our policies are balanced and flexible, supporting fiscal discipline and stability while encouraging economic activity through attractive incentives, pointing out that maintaining fiscal surpluses drives down the debt and deficit trajectory and enhances our capacity for social spending. The minister said that tax facilitations have succeeded because they were embraced by the tax community itself, and that we will continue the path of simplification and support, emphasizing that broadening the tax base generates sustainable revenues that benefit investors and citizens alike. He highlighted that tax revenues recorded high and exceptional growth rates over the past two years, driven by the expansion of the tax base without altering the tax rate, and explained that the “Real Estate Tax Mobile Application” is an initiative aimed at simplifying and improving services provided to citizens, adding that “this is a path we will continue along.” Ayman Soliman, president of the Egyptian Association for Direct Investment and Venture Capital, said: “We hold in high esteem the finance minister’s effective efforts to foster a business environment that stimulates confidence and partnership with investors,” stressing the importance of continuous communication with government entities and the formation of joint working groups to identify challenges and develop practical and legislative solutions that incentivize and encourage the investment climate, thereby driving economic growth. He added that stimulating real estate investment funds enhances the standing of the Egyptian Stock Exchange and attracts more long-term institutional and international capital, noting that financial and economic incentives are a fundamental pillar for attracting global pension funds.