Arab Finance: Egypt is targeting economic growth of 6% by increasing the national savings rate to align with required investment levels and reduce reliance on external borrowing to finance the funding gap, Minister of Investment and Foreign Trade Mohamed Farid said.

Farid’s remarks came during a meeting with the House of Representatives' Economic Committee, chaired by Tarek Shoukry.

He outlined the ministry’s vision and action plan to improve the investment climate and enhance businesses’ competitiveness to attract major investments that add value to the national economy and boost Egyptian exports, driving sustainable economic growth.

The ministry is implementing a package of reforms aimed at increasing the efficiency of the investment and foreign trade system, Farid added.

Touching upon the state’s monetary policy, the minister affirmed that it became one of the key advantages that Egypt offers investors, given its ability to manage recent economic challenges.

As for the capital market, it witnessed remarkable development over the past four years in terms of the number of investors, trading volumes, and increased youth participation, the minister highlighted.

Meanwhile, the government is adopting an approach to expand state offerings, most notably Misr Life Insurance Company, in addition to accelerating licensing procedures and facilitating capital increases.

The Sovereign Fund of Egypt (TSFE) recently selected EFG Hermes as the sole global coordinator and bookrunner for Misr Life Insurance's initial public offering (IPO) on the Egyptian Exchange (EGX).