The Cabinet approved during its weekly meeting under Prime Minister Mostafa Madbouli on Wednesday the final formula of the state ownership policy document in the run-up to referring it to President Abdel Fattah El Sisi.

Madbouli said the aim of the document is to draw up a clear and determined framework organizing relations between the state and the private sector in all economic activities, which he said, would assure investors inside and outside Egypt that their investments are safe.

The document is the product of three months of consultations with the both state and private-sector stakeholders and is expected to lay out a roadmap for large-scale privatization of the economy.

The policy document was first launched by Madbouli in May as part of a wider plan to restructure the economy in favor of the private sector. The strategy envisions more than doubling the private sector’s role in the economy to 65% over the next three years, and attracting USD 40 bn in investment by 2026.

MENA