Hany Tawfik, former head of the Egyptian Direct Investment Association, said that the 22 new decisions to improve the investment environment in Egypt represent a revolution and an urgent necessity that has been long overdue to improve Egypt’s economic situation.
Tawfik explained, in an interview with Al-Arabiya, that new legislation must be passed to increase the penalty for obstructing the implementation of those decisions related to improving the investment environment in Egypt.
With regard to government proposals, which aim to collect about 70 billion pounds, Tawfik said that the proposals program alone will not be sufficient, in light of Egypt’s large external commitments in the coming years.
He added that the Egyptian government is required to set a clear timetable for the state and all its agencies to exit non-strategic projects in favor of the private sector, which was one of the demands of the International Monetary Fund and Arab investors for Egypt.
Egyptian Prime Minister Mustafa Madbouly had said that the pound is undervalued, but with increased investments, the currency crisis will be resolved and the pound will return to its true value.
Madbouly added that Egypt will soon implement several deals and the state will be able to bridge the dollar gap, stressing that it has a clear picture of paying obligations.
He explained that the planned investments for the next fiscal year (2023-2024) amount to about EGP 1.64 trillion.
Madbouly indicated that legislative amendments had been made to equalize public and private sector projects, and that there were no preferential treatments for state projects.
The Egyptian Prime Minister stated that the laws of foreign ownership of real estate in Egypt will be amended, in addition to providing facilities for land registration for projects.
Madbouly revealed the establishment of a separate entity to manage government proposals, adding that the Egyptian government targets more proposals than what was mentioned in the 2023-2024 budget, i.e. more than 70 billion pounds.