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Egypt pushes for bigger private sector role in economy

Egyptian President Abdel Fattah el-Sisi (R) welcomes Jordanian King Abdullah II at Cairo Internatioanl Airport.
  • The document’s approval was required by the International Monetary Fund, which this month approved a 46-month, $3 billion financial support package for Egypt
  • The policy aims to give the private sector a greater role in helping to grow the economy, create jobs and increase investment and exports

Cairo, Egypt–Egypt’s President Abdel Fattah El-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from and turn over the private sector, a cabinet statement said.

The document’s approval was required by the International Monetary Fund, which this month approved a 46-month, $3 billion financial support package for Egypt.

Also read: Egypt’s economy to grow 5.2 percent in current fiscal: IMF

The policy aims to give the private sector a greater role in helping to grow the economy, create jobs and increase investment and exports, the statement said.

Also read: Germany to partner with Egypt to build hydrogen economy

It did not specify which economic activities would be made private, but in May the country outlined an array of state assets that would be offered to private investors.

They included electric vehicles, data centers and oil and gas networks.