Latest news with #AlSisi
Zawya
23-06-2025
- Business
- Zawya
Egypt aims to cut external debt by $1-2bln annually, presidency says
Egypt is targeting an annual reduction in the external debt of its budget authorities by $1bn to $2bn, the Egyptian Presidency said on Tuesday, as part of a plan to enhance fiscal discipline for the 2024-2025 fiscal year. The target was announced following a meeting between Egypt's President Abdel Fattah Al-Sisi, Prime Minister Mostafa Madbouly, and Finance Minister Ahmed Kouchouk. During the meeting, the finance minister also presented results from a tax facilitation initiative, which has yielded EGP 54.76bn in additional declared taxes. The div came after more than 450,000 new or amended tax returns were submitted. The presidency statement noted that 110,000 requests to voluntarily settle tax disputes had been submitted as of 19 June2025, reflecting what the minister described as taxpayers' confidence and positive engagement with the 52,901 taxpayers have applied for incentives and tax breaks available to projects with an annual turnover not exceeding EGP 20m. A review of the fiscal performance from July 2024 to May 2025 showed a large primary surplus and a reduced overall deficit. Tax revenues grew by 36%, which was attributed to improved economic activity and an expanded tax base without imposing new burdens, alongside continued spending rationalisation. The finance minister also reviewed the progress of reforms under the International Monetary Fund (IMF) programme and the ongoing negotiations to reach an agreement on the fifth review and the disbursement of its related tranche. The discussion addressed global economic volatility and the impact of geopolitical events, particularly the conflict between Iran and Israel, on market uncertainty, shipping costs, and some commodity prices. According to the spokesman, President Al-Sisi directed the government to learn from successful international experiences to stabilise fiscal and tax policies, aiming to improve the business climate, expand the tax base, attract investment, and boost production, exports, and employment. The president also called for continuing efforts to enhance fiscal discipline while supporting allocations for social protection and human development, urging that all necessary financial and commodity precautions be taken in light of regional developments.
Zawya
17-06-2025
- Automotive
- Zawya
Egyptian President urges expansion of local car manufacturing
Egyptian President Abdel Fattah Al-Sisi underscored the importance of accelerating the country's automotive manufacturing strategy during a meeting on Monday with Lieutenant General Mokhtar Abdel Latif, Chairman of the Arab Organization for Industrialization (AOI), according to a presidential statement. During the meeting, Al-Sisi was briefed on AOI's current projects, including its industrial partnerships with international companies—most notably French carmaker Stellantis. The President highlighted the need to increase the proportion of local components in manufacturing, enhance export capacity, reduce import dependency, and preserve foreign currency reserves. As part of the visit, Al-Sisi inspected locally assembled Citroën C4X vehicles, which feature 45% domestic content. The model is manufactured at AOI's facilities through a joint effort with the Arab American Vehicles Company (AAV) and Stellantis. According to Abdel Latif, the production plan for the Citroën C4X began in August 2023, with the first models completed in March 2025. Production is projected to reach 7,000 units annually over a four-year period, totalling 28,000 vehicles. Looking ahead, AOI is preparing to begin production of a new Stellantis car model by the end of 2026. The model, expected to achieve a production volume of 240,000 units, will be manufactured exclusively in Egypt—marking a significant milestone, as it will not be produced in any other Stellantis facility worldwide. President Al-Sisi also called for deeper cooperation with both local and international private-sector partners, reaffirming Egypt's broader national objective of localising the automotive industry and scaling up vehicle exports. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
02-06-2025
- Business
- Zawya
Egypt's President reviews unified investment strategy to boost FDI, industrial growth
Egypt's President Abdel Fattah Al-Sisi convened a high-level meeting on Sunday to review progress on Egypt's unified national investment strategy, which aims to enhance the country's economic competitiveness and attract increased foreign direct investment (FDI). According to a presidential statement, the meeting was attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir, Minister of Planning and Economic Development Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan El-Khatib. The president was briefed on ongoing measures to streamline investment procedures, including the development of a one-stop digital platform for licensing, the reduction of non-tax burdens on investors, and broader structural reforms. The strategy emphasizes transparent and stable policy frameworks, investor-friendly fiscal incentives, open trade policies, and reliable energy access for industrial operations. President Al-Sisi emphasized the need to sustain momentum in enhancing the investment climate and reaffirmed Egypt's ambition to become a regional hub for FDI in line with national development goals. The meeting also included an update on the activities of The Sovereign Fund of Egypt, particularly efforts to unlock value from state-owned assets and strengthen public-private partnerships. The president instructed officials to pursue innovative strategies for maximizing returns on national assets. Officials reviewed trends in Egypt's non-oil exports from 2003 to 2024 and discussed strategies to diversify export markets and improve the global competitiveness of Egyptian products. Infrastructure projects supporting export growth were also examined. Further discussions addressed Egypt's strategic goal of becoming a global logistics and transit trade hub. Updates were provided on a planned dry bulk terminal at Abu Qir Port and a proposed logistics station for iron and billet handling in the Adabiya area—initiatives aimed at supporting the growth of Egypt's iron and steel sector. The meeting also reviewed progress in reforming and enhancing the performance of key economic authorities, as well as the broader national structural reform agenda. Officials briefed the president on ongoing cooperation with the European Union under the macro-financial assistance agreement, designed to support Egypt's public finances. Finally, the president reviewed a draft of the country's forthcoming 'National Economic Development Narrative'—a strategic framework centered on enabling private sector-led growth, strengthening industry and exports, and implementing reforms to stabilize Egypt's macroeconomic and fiscal outlook. Al-Sisi called for the swift finalization of the strategy, highlighting its importance in charting Egypt's future development path and attracting global investment.
Zawya
21-05-2025
- Business
- Zawya
Egypt's Al-Sisi discusses economic indicators, forex reserves with PM, CBE Governor
Egypt's President Abdel Fattah Al-Sisi met with Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdalla on Tuesday to review key economic indicators. According to a presidential spokesperson, the meeting addressed macroeconomic trends, government initiatives to bolster the banking sector, and strategies for strengthening the nation's foreign exchange reserves. Discussions also covered ensuring the continued availability of sufficient foreign currency and ongoing efforts to reduce inflation. Ambassador Mohamed El-Shennawy, the presidential spokesperson, elaborated that the meeting also examined various aspects of the Egyptian economy's performance. This included government efforts to ensure the successful and effective implementation of the economic development programme, insulating it from current regional and international challenges. Additionally, the talks focused on enhancing incentives to capitalise on available economic opportunities and empowering the private sector to drive economic growth, thereby attracting further investment inflows. The spokesperson added that President Al-Sisi directed officials to continue intensive efforts to create a conducive environment for attracting more foreign investment and empowering the private sector. This involves developing an appropriate legislative and regulatory framework and launching incentive initiatives, all while maintaining the improvements observed in macroeconomic indicators to ensure the effective execution of development programmes. Data from the Central Bank of Egypt revealed that foreign exchange reserves climbed to $48.144bn by the end of April from $47.757bn at the end of March. According to calculations by Daily News Egypt, the levels recorded at the end of April are the highest in decades. Egypt's foreign exchange reserves are composed of the state's gold reserves, revenues from the Suez Canal, proceeds from Egyptian exports, and remittances from Egyptians working abroad. The reserves had previously risen in March 2025 to $47.757bn, up from $47.394bn at the end of February. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
15-05-2025
- Health
- Zawya
Egypt's President pushes for accelerated health, education reforms, AI integration
Egypt's President Abdel Fattah Al-Sisi held a series of high-level meetings on Wednesday to assess progress in Egypt's human development strategy, with a particular focus on healthcare, population policy, and education reform. Meeting with Prime Minister Mostafa Madbouly and Deputy Prime Minister for Human Development and Minister of Health and Population Khaled Abdel Ghaffar, the president reviewed initiatives under the National Project for Human Development. These efforts include the rollout of 300 integrated development centers, expansion of early childhood services through increased nursery capacity, and holistic programs targeting physical, mental, and social health—aligned with Egypt's Vision 2030. Presidential spokesperson Mohamed El-Shenawy reported that Minister Abdel Ghaffar provided updates on the national population strategy, part of the presidential 'Bedaya' initiative aimed at improving demographic indicators. Progress includes declines in child stunting, obesity, and anemia, alongside a projected reduction in the annual population growth rate to 1.34% in 2025, down from 1.4% the previous year. Al-Sisi also reviewed the status of healthcare infrastructure projects across 11 governorates. In FY 2025, Egypt will complete the construction or renovation of 20 hospitals at a cost of EGP 11.7bn, adding nearly 2,650 beds—including 458 intensive care, 442 neonatal, and 1,749 inpatient beds. These facilities will also be equipped with 542 dialysis units and 95 operating rooms, with completed projects in South Sinai, Gharbia, Minya, Qena, Assiut, Ismailia, and Aswan. The president received a briefing on Phase Two of the Universal Health Insurance System, which covers Damietta, Kafr El-Sheikh, Minya, Matrouh, and North Sinai. The plan includes upgrading 11 hospitals and constructing 19 new ones, with total capacity expected to reach 10,517 beds. Additionally, 534 new primary care units are being built, bringing the national total to 669. The estimated budget for this phase is EGP 115bn. Stressing the importance of timely and high-quality implementation, Al-Sisi also reviewed the national digital health transformation plan. Key elements include electronic health records, artificial intelligence integration, a national health information exchange, and global partnerships to ensure long-term sustainability. In a key directive, Al-Sisi instructed officials to explore the integration of artificial intelligence as a mandatory subject in school curricula—underscoring a shift toward future-focused education. The president also reviewed the progress of 15 presidential health initiatives covering all age groups. To date, more than 234 million health services have been delivered through 3,527 facilities. The 'Ending Surgical Waitlists' initiative has served nearly 2.7 million patients since 2018, and over 2.1 million individuals have received state-funded treatment in 2025 alone, costing EGP 23.2bn. The discussions also touched on Egypt's drive to localize pharmaceutical and medical device production. Al-Sisi called for new incentives to attract investment in this critical sector, aiming to meet domestic needs and expand exports. He also urged improvements in working conditions for healthcare professionals, along with greater access to advanced training—especially in AI-powered medical applications. In a separate meeting, Al-Sisi discussed educational reform with Minister of Education Mohamed Abdel Latif and Egyptian Military Academy Director Lt. Gen. Ashraf Salem Zaher. The talks focused on improving teacher selection and training, with new frameworks emphasizing academic, technical, and personal development through national institutions and training centers. Reaffirming the state's commitment to education reform, Al-Sisi emphasized the importance of developing the human element. 'Teachers are the cornerstone of the education system,' he said, calling for continued support, objective recruitment processes, and sustained investment in teacher development.
