RIYADH: Egypt has unveiled a sweeping initiative that places the private sector at the center of future growth, with Prime Minister Mostafa Madbouly vowing to cut debt to the lowest level in the country’s history and sustain export expansion. 

The National Narrative for Economic Development, launched in the New Administrative Capital and attended by cabinet members, lawmakers, diplomats, and business leaders, has a blueprint that integrates the government’s reform agenda with Egypt Vision 2030. 

It will undergo two months of consultation with experts and the public, with the final version due in December. 

“The narrative is based on a fundamental principle that we affirm with utmost clarity, which is that the private sector will lead economic development in Egypt, and strongly, in the coming period,” Madbouly said in his opening speech. 

He added that the government aims to reduce debt levels to “the lowest level Egypt has ever seen in its history.” 

The prime minister said gross domestic product expanded 4.2 percent in the first nine months of the current fiscal year, compared to 2.4 percent in the same period last year, supported by industry, tourism, agriculture, and information and communication technology. 

Inflation fell from 25.7 percent in July 2024 to 13.9 percent a year later, while remittances exceeded $36.5 billion and unemployment dropped to its lowest in four years. 

Exports are expected to grow by 20 percent this year, and Madbouly said the government aims to sustain that pace for five years, building on infrastructure investments in ports, roads, and utilities. He cited the Suez Canal Economic Zone as a case where government spending has unlocked major foreign investment. 

Investment and Foreign Trade Minister Hassan El-Khatib said the national arrative incorporates the Foreign Direct Investment Strategy 2025–2030, a roadmap to expand Egypt’s investor base and attract high-quality capital into priority sectors. 

It targets 13 sectors, eight ready for immediate promotion and five requiring additional reforms, and was developed with the General Authority for Investment and Free Zones, the Planning and International Cooperation ministries, the World Bank Group, and private sector input. 

El-Khatib highlighted a new unified licensing platform linking 41 government entities, offering 389 electronic services and e-payment options for 250 of them. 

The ministry is preparing for Egypt’s participation in the World Bank’s Business Ready report by translating nearly 2,000 survey questions and drafting a reform matrix in consultation with businesses. 

Planning and Economic Development Minister Rania Al-Mashat said the narrative seeks to redefine the state’s role, shifting from operator to regulator, enabler, and investment partner. 

She said implementation will be guided by the State Ownership Policy Document, coordinated through three entities — the State-Owned Companies Unit under the Cabinet, Egypt’s sovereign wealth fund, and the Government Offerings Unit. 

As part of this effort, 59 of 63 economic entities are under review for restructuring, including possible mergers or liquidation, to improve efficiency and rationalize spending. 

Al-Mashat added that a new state ownership policy index will track progress and measure the impact of reforms on investment and private sector growth. 

Madbouly said the ultimate aim of the reforms is to raise Egyptians’ quality of life and deliver economic indicators. 

“Ultimately, these reforms must have a positive impact on the well-being of Egyptian citizens in the near future, and that is our goal through this vision,” he said. 

“Consequently, we are working to reduce the state’s role in economic activity, further empower the private sector in the development process, and measure this with clear quantitative figures and indicators to assess our success,” he added.