The official spokesperson for the Egyptian Cabinet, Nader Saad announced Tuesday that the “(US) dollar gap” will disappear when dollar imports reach $191 billion, and then a US dollar surplus may be achieved when exports exceed 20 percent.
Saad explained that this will take until 2026, pointing out that improving the investment climate and returning it to its previous levels will bring an increase in exports.
He said that Prime Minister Mostafa Madbouly reassured investors by talking about investment incentives and the immediate measures taken by the state.
Saad also clarified the details of the government’s public offering program, stressing that the program is temporary and has specific goals, as no country continues offerings forever, but the measures that have been taken in investment will last.
“Putting shares of state-owned companies on the stock exchange means increasing the participation of the private sector in the economy. Thousands of companies benefit from measures to support investment,” he explained.
The Egyptian government is trying to counter high demand for US dollar via new sources of foreign currency.
One of these efforts is establishing a company for Egyptians expats to invest their savings in various economic activities in the local market. This aims to achieves a high return for them, and increases direct investments.
The Egyptian government is also working to save the US dollar by completing the steps of commercial dealings with Russia in local currencies, and expanding to include China and India.
According to a statement by Immigration Minister, Soha Gendi in March, a deal was made to establish a joint stock company for Egyptians abroad, including major investors who responded to a request to participate in the establishment, or small investors who wish to preserve and develop their savings.
