Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.
Sadatâs program of infitÄáž„, officially outlined in the October Paper of April 1974, represented a marked departure from the socialist framework of his predecessor, Gamal Abdel Nasser. The open-door economic program was meant to encourage capitalist investment by domestic and foreign investors, thereby invigorating Egyptâs sizable and inefficient public sector. Incentives such as reduced taxes and import tariffs were offered to investors, and foreign banks were encouraged to return to Egypt.
The program was faced with a number of significant challenges. Many investors found themselves confronted with a complex bureaucracy that made doing business in Egypt difficult. Investors who did participate in the Egyptian economy as a result of infitÄáž„ frequently invested in ventures of minimized risk such as tourism or construction, often at the expense of important but less-reliable sectors such as industry. Furthermore, infitÄáž„ policies resulted in an accentuation of the countryâs economic disparities: while a small proportion of individuals profited from the program, for the wider Egyptian public, which enjoyed few benefits, infitÄáž„ was largely a disappointment.
