Egypt Aims to Provide 900,000 Jobs Annually

Egypt targets to gradually raise economic growth rate to 8 percent in 2021/22, up from 5.3 percent in 2017/2018 and enhance private investment role in pushing the growth rate through continued efforts to improve the business environment, Prime Minister Mostafa Madbouli said.

Madbouli stressed - at the Arab Economic Forum held in Beirut - the importance of efforts to improve the business environment including automating procedures for the establishment, simplification and cost reduction of companies, the expansion of free zones and the establishment of 12 new investment zones. 

The prime minister noted that all these exerted efforts to improve the business environment primarily target providing around 900,000 new job opportunities annually, pointing out that 4 million jobs have been provided during the last four years, which contributed to lowering the unemployment rate to 8.9 percent. 

Regarding the governmental initial public offering program (IPO), he said that his government seeks to offer 23 public companies on the Egyptian Exchange (EGX) during 24 and 30 months, with total expected proceeds of USD4.5 billion in the first phase, and offering rates ranging between 15 and 30 percent. 

Madbouli stated that Egypt started reaping the fruit of the reforms and efforts exerted during the recent period, adding that the most significant results included achieving the highest annual growth rate in 10 years amounting to 5.3 percent in 2017/2018 and the 12.7 percent increase of non-petroleum exports to USD17 billion from USD15 billion. 

The PM continued that the balance of payment also recorded a surplus of USD12.8 billion and foreign reserves rose to USD44 billion in February 2019 from USD14.9 billion in June 2014 to cover eight months of commodity imports compared to the previous three months.

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