Cairo: The state aims to achieve a strategic transition towards economic growth by encouraging investments and localizing industry, stated Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat. Al-Mashat, who also serves as Egypt's Governor at the World Bank Group, emphasized this approach while discussing the group's latest report on Saturday, which forecasts an increase in Egypt's economic growth to 3.8% for the current fiscal year and 4.2% for the next.

According to State Information Service Egypt, Al-Mashat also referred to the International Monetary Fund's (IMF) report predicting Egypt's economic growth to rise to 3.8% in the current fiscal year and 4.3% in the following year. These projections are seen as a reflection of the state's structural reforms.

Al-Mashat elaborated on the government's efforts, which include offering investment incentives, localizing industry, and streamlining processes to reduce the time required for tax clearance, among other initiatives. These measures aim to create a more conducive environment for economic growth and development.