Egypt’s Minister of Finance, Mohamed Maait, recently revealed that the government’s Initial Public Offering (IPO) program attracted $3.5 billion so far. He expressed optimism that the program will further boost efforts to empower Egypt’s private sector.
Balanced economic indicators
Speaking at the International Monetary Fund (IMF) symposium in Cairo, Maait added that Egypt’s government was able, despite the repercussions of global crises, to maintain balanced economic indicators. This was made possible through a proactive reform agenda, based on effective policies and strategies.
Maait emphasized that the government has taken many measures to support the business climate and deepen the role of the private sector in economic development. They are, after all, fundamental pillars for achieving comprehensive and sustainable growth.
The minister also added that the government has expanded the Solidarity and Dignity program to cover over 5.2 million families. Moreover, monthly grants and pensions to families have increased by about 25 percent and 15 percent, respectively.
He stressed that Egypt is working to transition to a green economy by exploring new horizons for green projects as one of the pillars of comprehensive and sustainable development.
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Green, blue and social bonds
In related news, Maait had announced that Egypt aims to issue bonds in local currencies of member states of the BRICS-founded New Development Bank (NDB).
Maait said in a press statement on Sunday that Egypt aims to issue green, blue, social, and sustainable bonds that meet the ambitions of Egypt’s Vision 2030. The bonds will add new projects with a social dimension to Egypt’s sustainable portfolio.
At the start of 2024, Egypt officially joined BRICS which includes: Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Saudi Arabia, and the UAE. The group seeks to enhance trade in local currencies among member states.
Maait, who is also the governor of the NDB, explained during his meeting with the bank’s Vice President, Vladimir Kazbekov, that his country seeks to build a strong and sustainable strategic partnership with NDB. Hence, it aims to attract more development investment flows to support its efforts in building comprehensive sustainable development that improves the lives of citizens. Therefore, Egypt seeks to improve the standard of living and public services for its citizens.
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