Finance Minister Hany Qadry Dimian said there are many projects for investment offered at the economic summit in Sharm al-Sheikh, denying any imposition of new taxes, and confirming that the president and the government supports economic reform.
Dimian told a delegation of American companies at a meeting of the American Chamber of Commerce in Cairo on Tuesday that cutting down energy subsidies has saved 2 percent of GDP, or LE41 billion.
“We are providing investment opportunities in new sources of energy,” he said.
In related news, a technical mission of the International Monetary Fund arrived in Cairo on Tuesday under the provision of the fund’s Article IV to prepare a report about the Egyptian economy before the economic summit of Sharm al-Sheikh so as to reassure investors of prospects in the medium term.
A government official said the mission is meeting with the ministries of finance, international cooperation and investment and with the Central Bank of Egypt.
The government has been implementing financial and economic reforms, rationalizing energy subsidies over the medium term and achieving higher efficiency of energy sources. It has also offered investment opportunities in solar energy projects and oil and gas concessions so as to pay its dues to foreign partners, and it is applying the smart card system that would help rationalize petroleum products subsidies, targetting only those who need it most.
Edited translation from Al-Masry Al-Youm
