The Egyptian government is taking steps to improve the governance and efficiency of public investment spending, according to Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation. During a cabinet meeting on Tuesday, Al-Mashat outlined measures aimed at ensuring macroeconomic stability and prioritising project completion. A key element is the establishment of the Committee for Governance of Total Public Investments in the State, formed by Prime Ministerial Decree No. 739 of 2024. Chaired by the Central Auditing Organization, the committee will set a cap on public investments of 1 trillion Egyptian pounds for the fiscal year 2024/25. All government agencies are required to submit their investment plans to the committee for review and approval. A technical secretariat, led by the Ministry of Planning, will support the committee's work. The government is prioritising the completion of existing projects. Working groups comprised of representatives from various ministries will review ministry budgets, with a focus on projects exceeding 70% completion. New project listings will be postponed, and new protocols or contracts will require approval from the Ministry of Planning before submission to the cabinet. Al-Mashat also addressed efforts to secure budget support funding from development partners. The Ministry of International Cooperation is in discussions with multilateral and bilateral partners to obtain financing that supports structural reforms. These reforms aim to enhance competitiveness, improve the business environment, strengthen the economy's resilience to external shocks, and promote sustainable development. The framework for determining the financing gap considers sectoral priorities aligned with Egypt's Vision 2030. The ministry will explore various financing options, prioritising concessional financing with favourable terms and conditions. In addition to overseeing investment spending, the Ministry of Planning is developing macroeconomic policies that support development goals. These policies focus on areas such as healthcare, education, industrial localization, private sector participation, human capital development, and green financing. The ministry is also committed to supporting small and medium-sized enterprises and improving the overall investment climate in Egypt.
