Egyptian Finance Minister Mohamed Maait announced on Tuesday that Egypt has received about US$12 billion in revenues from the Ras al-Hikma development project.
Representing 50 percent of the revenues of the project, this will benefit the state’s general treasury.
The nation’s economic and financial performance is improving, he assured, adding that “we expect better indicators than the target by the end of June.”
Maait’s statements came during his meeting with the CEO of Morgan Stanley’s operations in the Europe, Middle East and Africa region, Claire Woodman, on the sidelines of their participation in the World Economic Forum currently being held in Riyadh, Saudi Arabia.
The Ras al-Hikma City development project confirms the ability of the Egyptian economy to attract more investment flows, the minister said, taking into account the huge investments in developing infrastructure and preparing it to accommodate more productive activities within the national economy.
Egypt serves as attractive investment destination
Egypt with its distinguished geographical location serves as an attractive investment destination, the minister said, adding that it has already begun to regain its global status.
It is expected to achieve a primary surplus of about 5.75 percent of the GDP, he added and to reduce the total deficit to about 3.95 percent of the GDP.
Maait said that work is being done to sustain the debt rate of the budget agencies, expected at 89 percent of GDP, and to increase tax revenues by more than 23 percent, which reflects the success of the Finance Ministry’s efforts in implementing the tax policy reform program and maximizing state revenues.
The Finance Minister stressed that structural reforms pave the way for stability and economic growth in Egypt, he said.
However the nation still bears severe financial, economic, and political burdens as a result of the unstable geopolitical situation in the region, especially the war on Gaza and the situation in the Red Sea, the minister explained.
