Egypt embarks on phase two of economic reforms (2021-2024), aiming for a diverse, competitive, and sustainable economy. Prime Minister, Mostafa Madbouly, announced during his speech at 33rd Summit of the APR Forum of Heads of State and Government. Madbouly pointed out that as part of Egypt's strategy to attract more local and foreign private sector investments, it issued a State Ownership Policy document.

This document includes the sectors and industries that the state plans to exit from, with the aim of increasing the private sector’s contribution to the economy. The government supported small, medium and micro enterprises with about EGP 15.3 billion during the past years, he added.

The Prime Minister expressed Egypt's willingness to support trade and investment exchange with African countries, which is reinforced by Egypt’s membership in the COMESA. The proposed structural reforms are part of complementing the process of reforms that the Government of Egypt started in 2016 with the International Monetary Fund (IMF) in the financial and monetary sector.

Within the framework of state ownership policy, the state will be stepping down from 62 sectors while decreasing its participation in 56 sectors, and increase its role in 76 others, the cabinet wrote. In its initial draft plan in early 2022, the state aimed to exit from 79 sectors and reduce its involvement in 45 sectors.