Several measures and reforms have been made to improve the investment climate, according to Madbouly, to address investors’ concerns.
Egypt’s CAPMAS reported that urban consumer inflation rose from 16.2 percent to 18.7 percent in November, citing a CBN report.
The increase in inflation in November was the highest since December 2017, when it reached 21.9 percent.
In November 2022, the annual headline inflation rate in Egypt rose to 19.2 percent, up from 16.3 percent the previous month.
The agency said that the overall consumer price index for the entire country increased by 2.5 percent in November compared with October.
CAPMAS said that for the entire country, the inflation rate rose because of price increases in several sectors, including food and beverages, health care, transportation and communications, culture and entertainment, and restaurants and hotels.
Egyptian Prime Minister Mostafa Madbouly said in a press conference after the Cabinet’s weekly meeting in the New Administrative Capital that there is a plan to provide hard currency and that it will last until June 30, 2023.
The chief minister chose not to divulge any of the state’s upcoming maneuvers because some of them must be kept confidential.
The minister acknowledged that the administration is aware of the increase in costs and that it attempts to lighten the burden on the public.
The cabinet has established a strategy for handling the rising costs, Madbouly said, adding that most of the rumors circulating on social media “seek to damage the Egyptian economy.”
Egypt attracted about $9 billion in direct investments last year, the premier said on Wednesday – the highest in 15 years.
Justice Samir Moudbeli said that the government will be committed to implementing the state ownership policy document over the next three or five years, noting that the document was finally approved.
The investor, who wants to obtain the golden license, wants the Cabinet to shorten the distance and procedures, he said.
Several measures and reforms have been made to enhance the investment climate to address investors’ difficulties, Madbouly said.