Latest news with #PlanningandEconomicDevelopment
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egypt highlights economic reforms, resilience in WEF meeting
Egypt's Minister of Planning and Economic Development, Rania Al-Mashat, has highlighted the country's economic reforms and resilience during a meeting with World Economic Forum (WEF) President Børge Brende in Tianjin, China. The meeting, in which Minister of Investment and Foreign Trade Hassan El-Khatib also participated, took place at the opening of the WEF's meetings focused on resilient economic policies. Al-Mashat is a co-chair of the event. The discussion addressed the impact of turbulent global and regional developments on the economic situation. It also covered the reactions of global markets, which were noted as having shown greater resilience than expected amidst economic disruptions and geopolitical tensions. Al-Mashat said Egypt was moving forward with its economic transformation, led by the private sector. 'The Egyptian economy has demonstrated resilience in dealing with changes and the ability to withstand successive global and regional shocks,' she said. The minister reviewed the measures being implemented by the government through its programme for the next three years. She said the programme aims to elevate the resilience and stability of the Egyptian economy, build a competitive economy attractive to investments, and continue implementing economic and structural reforms to create a sustainable growth model. 'We are moving forward with consistent steps towards economic transformation and growth led by the local and foreign private sector,' Al-Mashat stated. She affirmed Egypt's commitment to continue with reforms to enhance the economy's ability to withstand regional and international transformations and geopolitical tensions. Al-Mashat emphasised the importance of the partnership between Egypt and the WEF, which she said has seen remarkable progress. 'Our partnership with the World Economic Forum is continuously evolving to enhance economic transformation, support reforms, and confront global challenges,' she said. 'The WEF is the largest international gathering of private sector companies and investors… We seek to maximize the benefit from joint cooperation to support national priorities.' The minister pointed to the preparation of a national narrative for economic development, which aims to promote policies supporting growth and employment. She noted this plan builds on the integration of several national strategies, including Egypt Vision 2030, the National Structural Reforms Programme, the State Ownership Policy Document, and the Unified General Planning and Finance Laws. This strategy is based on four main pillars: macroeconomic and financial stability, mobilising foreign direct investment, enhancing industrial development and trade, and investing in human capital and the labour market. During the meeting, Al-Mashat presented Brende with a copy of a report titled 'Development Finance to Foster Private Sector-Led Growth and Jobs.' The report reflects how international partnerships have provided over $15.6bn in financing from 2020 to May 2025 to empower the private sector in Egypt. For his part, the WEF President expressed his appreciation for the strong relationship with Egypt and commended the Egyptian government's efforts in economic reform to enhance macroeconomic stability and address development challenges. The meeting follows a visit by Brende to Egypt last November, during which he met with President Abdel Fattah Al-Sisi to discuss the partnership. In 2021, Egypt held a Strategic Dialogue with the WEF, led by Prime Minister Mostafa Madbouly, with the aim of attracting foreign investments. Al-Mashat also co-chairs the Mobilizing Investment for Clean Energy in Emerging Economies (MICEE) initiative, launched by the WEF in 2024. She is a member of several other WEF bodies, including the Centre for the New Economy and Society, the Resilience Consortium, and the Future of Growth Initiative.
Egypt Today
16-06-2025
- Politics
- Egypt Today
Egypt forms ‘Crisis Committee' to monitor repercussions of Iranian-Israeli military escalation
CAIRO – 16 June 2025: Egyptian Prime Minister Mostafa Madbouly has issued a directive to establish a high-level "Crisis Committee" tasked with monitoring the repercussions of the ongoing military escalation between Iran and Israel and preparing for potential impacts across multiple sectors. Cabinet Spokesperson Counselor Mohamed El-Homossany stated that the committee will be chaired by the Prime Minister and will include key officials such as the Governor of the Central Bank and the Ministers of Industry, Planning and Economic Development, International Cooperation, Electricity and Renewable Energy, Finance, Supply and Internal Trade, and Petroleum and Mineral Resources. Representatives from the Ministries of Defense, Interior, and Foreign Affairs, along with members of the General Intelligence Service and the Administrative Control Authority, will also participate. El-Homossany added that Prime Minister Madbouly will hold regular meetings with the committee and is currently intensifying consultations with various advisory bodies to assess the evolving situation and its potential impact on the Egyptian economy, energy sector, food security, and national security. For the fourth day in a raw, Iran and Israel have exchanged the launch of missiles and drones, killing dozens and injuring hundreds in both countries, besides bombing vital nuclear and scientific facilities. Iran said that most of the killed people are women and children, in addition to several nuclear scientists and military leaders.
Daily News Egypt
01-06-2025
- Business
- Daily News Egypt
Al-Sisi 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.
Barnama
23-04-2025
- Business
- Barnama
Uganda Showcases Investment Potential At Business Forum & Expo
KUALA LUMPUR, April 23 -- In a bid to position itself as a strategic investment destination in East Africa, Uganda has rolled out the red carpet for Malaysian investors at the Pearl of Africa Business Forum and Expo 2025. Uganda's Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, said the nation is keen to leverage Malaysia's renowned expertise in mineral extraction, oil and gas development, and palm oil production. 'We are here with a delegation to secure opportunities to work together with the people of Malaysia. bootstrap slideshow 'We want to share what Uganda can offer in terms of natural resources, and we hope to build lasting partnerships in the energy and mineral sectors,' she said during a press conference on Wednesday. The two-day forum, which began on Wednesday, was officiated by Uganda's Minister of Finance, Planning and Economic Development, Matia Kasaija. Also present were Nankabirwa and the Minister of State for Animal Industry, Lt. Col (Rtd) Bright Rwamirama. The ministers are also scheduled to hold bilateral discussions and meetings with local technocrats during the business forum. On tourism, Nankabirwa emphasised the importance of strengthening the sector and fostering people-to-people relations between Uganda and Malaysia. She encouraged Malaysians to discover Uganda as a vibrant and diverse travel destination, highlighting the country's rich cultural heritage, natural landscapes, and wildlife. Uganda's High Commissioner to Malaysia, Dr Betty Oyella Bigombe, highlighted that the forum is the first of its kind to be hosted in Malaysia by an East African country, reflecting Uganda's commitment to deepening economic partnerships across Asia.
Egypt Today
22-04-2025
- Business
- Egypt Today
IMF upgrades Egypt's growth forecast amid regional downturn
Cairo – April 22, 2025: Egypt's economic prospects have received a slight boost from the International Monetary Fund, which raised its growth projections for the country over the next two years, even as it downgraded expectations for the wider Middle East and North Africa (MENA) region. In its newly released World Economic Outlook, the IMF adjusted Egypt's real GDP growth forecast upward by 0.2 percentage points for both 2024 and 2025. The revised estimates suggest Egypt's economy will expand by 2.4 percent this year, followed by growth of 3.8 percent in 2025 and 4.3 percent in 2026. The report did not provide a clear rationale for the improved outlook, but the IMF is expected to delve into in its upcoming regional report. Meanwhile, Egypt's government has struck a more confident tone. Earlier in April, Minister of Planning and Economic Development Rania Al-Mashat projected that GDP growth would hit 4 percent by the end of the current fiscal year on June 30. She also forecast an acceleration to 4.5 percent in the 2025/2026 fiscal year. Lower revenues from the Suez Canal, a key source of foreign currency, remains a factor after taking a significant hit due to geopolitical disruptions affecting shipping routes in the Red Sea. According to the Ministry of Finance, the canal lost EGP 110 billion (roughly $2.15 billion) in the nine months ending in March. Concerns over fiscal sustainability remain, with Egypt's public debt-to-GDP ratio climbing to 90.9 percent in the fiscal year ending June 2024, as outlined in the IMF's March Article IV consultation. That figure places the country well above the average for emerging markets. On the inflation front, the IMF sees a downward trend ahead. After peaking at 33.3 percent in 2024, inflation in Egypt is projected to slow to 19.7 percent in 2025 and further to 12.5 percent in 2026, offering potential relief to consumers after years of rising prices.
