Egypt is currently experiencing unprecedented activity for the advancement of the economy, Prime Minister Sherif Ismail said during the launch of the sustainable development strategy, ‘Egypt’s Vision 2030’.
He will rely on innovative financial tools for the implementation of government projects, such as Sukuk and the participation of the private sector.
The rate of unemployment among youth is now 27% and 44% among women. Moreover 20% of university graduates are unemployed. Collectively these figures constitute a major challenge for the growth of the national economy. Ismail said 15% of the state budget is allocated to cover payroll.
“We are working to make Egypt a safe haven for foreign investment,” Ismail said and that the government will encourage domestic products to support the national industry at the same time. He called upon citizens to give priority to domestic products when shopping.
According to Ismail, the strategy includes key targets of 300 indicators which will keep track of the strategy’s progress in 200 national projects.
The strategy aims to make the Egyptian economy more competitive based on justice and participation by the year 2030 and achieve a growth rate of over 10%. It also plans to put Egypt amongst the world’s top 30 countries in terms of their market competitiveness.