The main topics of the roundtable are themed around the Egyptian government’s
reform measures to achieve high, sustainable growth
Today, CI Capital hosts Egypt’s Minister of Finance, His Excellency Amr El-Garhy, for a
roundtable discussion with leading US-based institutional investment firms with
aggregate assets under management (AUMs) in excess of USD280bn. The visit comes in
conjunction with the joint annual meeting of the IMF and the World Bank. The following
week, CI Capital intends to hold a second roundtable between the Minister and
institutional investment firms in London, UK, to oversee USD276bn in AUMs.
During the meetings, El-Garhy will present Egypt’s most recent macro-economic
developments, fiscal policy reform updates, as well as future consolidation plans. Closing
accounts of the FY16/17 fiscal budget already demonstrate substantial progress in public
finance reforms. We note the government’s aim is to reduce the FY17/18 budget deficit
to 9.5% from 10.9% in FY16/17.
Positive outcomes achieved thus far are a result of a series of decisions, in line with the
government’s reform programme, including higher tax revenues, recovery in non-tax
revenues, contained wage growth, and shrinking primary balance. This moves Egypt
closer to the IMF’s targets, thereby, enabling the country to balance its financial stability
and economic growth. We await the Minister to discuss Egypt’s debt management plan,
the issuance of Eurobonds in the pipeline, alongside the heightened interest cost bill in
The Managing Director of CIBC, Karim Khadr, highlighted that such meetings build an
effective, if not grounded, bridge between investors and policymakers, providing a clear
roadmap for investors in the medium and long term horizons, as well as an increased
level of transparency. These meetings are essential to present the most promising
investment opportunities in Egypt.