Latest news with #AbdelFattahElSisi
Middle East
4 hours ago
- Business
- Middle East
OPEN// Sisi signs law granting pay raises for public sector workers
CAIRO, June 18 (MENA) - President Abdel Fattah El Sisi signed a law granting annual raises to public sector employees, including a 10% periodic raise for civil service workers and a 15% special allowance for others not covered by the civil service law, the official gazette said. The law, effective July 1, 2025, sets a minimum increase of EGP 150 per month and incorporates the allowances into employees' base pay. It also boosts additional incentives for state workers and provides a special bonus for employees in public sector and state-owned companies. (MENA) Y R E/R E E
The National
2 days ago
- Business
- The National
Sight of Iranian missiles streaking across night sky reminds Egypt of perils ahead
Iranian missiles can be seen with the naked eye in Egypt as they streak across the night sky like shooting stars while travelling towards Israel. Unleashed hundreds of kilometres away in Iran and flying at high altitude, the missiles do not look particularly menacing. Yet for Egypt they serve as a potent reminder of the potential perils ahead as the Iran-Israel war rages on amid suggestions of US involvement on Israel's side. Egypt is deeply alarmed by the conflict, knowing it is only a matter of time before the fallout hits its fragile economy so hard that it might need a global aid package similar to last year's $50 billion bailout merely to stay afloat. Perhaps more disconcerting for President Abdel Fattah El Sisi's government is that a deeper economic crisis could trigger unrest in the nation of 106 million, which has struggled in the past decade with double-digit inflation, additional taxes and a rapidly devaluing currency. The war, which began on June 13, has already caused Egypt 's currency to lose ground to the US dollar. The stock market also took a beating, while on the nation's lucrative debt market 'hot money' was leaving in a hurry, putting pressure on limited foreign currency reserves. Underscoring the depth of the alarm, some Egyptians, mostly those with deep pockets, are hoarding food and basic medicine because they fear a possible disruption of global supply chains if the conflict becomes broader. But not all are on board with this coping tactic, or can afford it, in a country where the majority are leading a hand-to-mouth existence, or surviving from pay cheque to pay cheque at best. 'I haven't stocked up on anything, this is nonsense,' said Ibtisam Ahmed, a 73-year-old retiree and mother of three from Cairo. "If there are shortages, then we will all suffer together as one people. What I and many others fear is not the shortage of food. We fear power cuts that will leave us living in darkness and we fear lack of security on the streets.' Prime Minister Mostafa Madbouly has advised Egyptians to curb electricity consumption. Seeking to head off a popular backlash at a critical time, his government is rushing to find alternative imports of fuel supplies to avoid power cuts in the summer and has been issuing reassuring messages on the nation's reserves of essential food items. Addressing parliament on Tuesday, Planning Minister Rania Al Mashat made clear the government was not taking any chances. Officials, she explained, were closely monitoring the situation in the region and were prepared to revise the indicators of Egypt's 2025-2026 budget that will come into effect on July 1. 'It could prove necessary that we revise indicators in case current regional developments persist or worsen,' she told legislators, referring to the Israel-Iran war. Mr Madbouly has set up a 'crisis committee' to monitor the fallout from the war, she added. Michael Hanna, director of the US Programme at the International Crisis Group in New York, said: 'Egypt is very vulnerable and there is a lot at stake now. It does not have much of a role that impacts on what's happening and had never been a player in years of animosity between Israel and Iran, but it stands to lose a lot from this conflict. This war could go on for long if Iran does not run out of missiles." The potentially damaging fallout from the fighting comes as Egypt is struggling to shield itself from the ripples of its crisis-ridden neighbours: Sudan's civil war, Libya's 14 years of civil strife and the 20-month-old Israeli war in Gaza. The challenges have prompted pro-government talk show hosts and loyal social media accounts to send out messages of support to Mr El Sisi, urging Egyptians to rally behind his leadership and place their trust in the military's ability to defend the nation. Their seemingly state-orchestrated narrative is clearly on Iran's side, a reflection of Cairo's tense relations with Israel and, in contrast, its rapidly improving ties with Iran. But the government's handling of the potential fallout from the war has not been met with universal approval in Egypt. In thinly veiled criticism, one of Egypt's most-celebrated politicians, former foreign minister and Arab League chief Amr Moussa, suggested the rarely convened National Security Council led by Mr El Sisi must meet to shoulder its responsibility of "dealing with the threats facing the nation's security and take the necessary steps to contain them". Cairo's jitters have been on display in the past week, when authorities appeared to go to great lengths to prevent foreign pro-Palestinian activists and their local peers from staging a symbolic march to the Gaza border in support of beleaguered Palestinians. The government said the activists would need permission to demonstrate, a process that has never been fruitful since Egypt effectively banned street protests in 2013. Scores of activists were detained and deported on arrival at Cairo airport. Many who slipped through security at the airport were detained and deported after police raids at Cairo hotels and an area outside the Suez Canal city of Ismailia, where scores had gathered. Security sources said the crackdown was designed chiefly to stop Egypt's pro-Palestinian activists from joining the march and turning it into an anti-government rally.
Middle East
2 days ago
- Business
- Middle East
OPEN// Cabinet holds weekly meeting to tackle important files
CAIRO, June 18 (MENA) - Prime Minister Moustafa Madbouli chaired the Cabinet 's meeting on Wednesday to discuss a number of political, economic, social and other files on the government's agenda. The meeting, convened in the New Administrative Capital, includes a review of the implementation mechanisms for the presidential directives assigned to the government, with a focus on ensuring their effective execution within appropriate timeframes. It will review a broad array of priority issues, most notably the outcomes of the Prime Minister's visit to a number of developmental and public service projects in Beheira governorate. It will also follow up on progress made in implementing the directives of President Abdel Fattah El Sisi concerning fulfilling citizens' needs, intensifying efforts to curb inflation, and expanding the public spending in the sectors of healthcare, education, and social protection. The Cabinet will also discuss the ongoing measures aimed at stabilizing market dynamics and ensuring the sustained availability of essential commodities, in parallel with reviewing the progress of national projects nationwide. The meeting will also address social protection strategies targeting vulnerable groups, the advancement of education and healthcare services, and the reinforcement of inclusive social welfare frameworks. The discussions will focus on advancing comprehensive development, promoting investment, expanding exports, and localizing industry, all within the strategic framework of Egypt's Vision 2030. The Cabinet is scheduled to follow up on previously adopted measures concerning investment, industrial development, export promotion, agricultural expansion, and the allocation of industrial land to investors. It will also monitor the progress of social protection frameworks, ongoing tax policy reforms, the development of various governmental sectors, and efforts to support low-income citizens and ensure the provision of essential public services. (MENA) R R N/R G E
Zawya
4 days ago
- Business
- Zawya
Egypt, EU launch investment guarantee facility to empower private sector
Arab Finance: The Egyptian government and the European Union (EU) have officially launched the €1.8 billion Investment Guarantee Facility under the European Fund for Sustainable Development Plus (EFSD+), marking a major milestone in joint efforts to empower the private sector and promote sustainable investment in Egypt, as per a statement. The announcement was made during the 'Development Finance to Foster Private Sector: Led Growth and Job' conference, organized by the Ministry of Planning, Economic Development, and International Cooperation under the patronage of Prime Minister Mostafa Madbouly. The Investment Guarantee Facility is one of the provisions outlined in the political declaration issued during the Egypt-EU Summit in March 2024, co-chaired by President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen. It aims to stimulate private investment through innovative financial instruments, including guarantees and blended finance, to reduce risk and increase investor confidence in strategic sectors such as water, energy, climate, infrastructure, agriculture, and digitalization. Minister of Planning Rania Al-Mashat stated that the facility's launch reflects the shared commitment of Egypt and the EU to enabling the private sector to play a leading role in development. She added that the mechanism is part of a broader strategy to attract both public and private capital through risk-sharing instruments. These tools are now accessible through the ministry's Hafiz platform for financial and technical support to the private sector. The facility allows private companies to access concessional financing from development partners, benefit from EU-backed guarantees to lower investment risks, take part in EU-supported infrastructure and green transformation projects, and receive technical support for project design and feasibility. The guarantees will be made available to a range of international financial institutions, including the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the German Development Bank (KfW), the International Finance Corporation (IFC), the Italian CDP, and others. This is expected to drive additional concessional financing into Egypt's private sector and mobilize investments in renewable energy, food security, infrastructure, and human capital. The facility is expected to help mobilize up to €5 billion in public and private investment in Egypt between 2024 and 2027, advancing the goals of sustainable development and economic transformation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Middle East
4 days ago
- Business
- Middle East
OPEN// President Sisi affirms keenness on furthering cooperation with IFC
CAIRO, June 15 (MENA) - President Abdel Fattah El Sisi on Sunday emphasized Egypt's keenness on strengthening collaboration with the International Finance Corporation (IFC), particularly in light of the ongoing regional developments that pose formidable challenges for development programs. President Sisi made the remarks during a meeting with Managing Director of the International Finance Corporation (IFC) Makhtar Diop, who agreed with the president on the importance of boosting cooperation and stressed the IFC's commitment to maintaining fruitful cooperation with Egypt. The meeting was attended by Vice President and General Counsel for IFC Ethiopis Tafara and Minister of Planning, Economic Development, and International Cooperation Rania al Mashat. During the meeting, President Sisi praised IFC's cooperative relations with Egypt over the past years, according to Presidential Spokesman Mohamed el Shennawy. The meeting explored opportunities for joint efforts to enhance investment flows into Egypt and to facilitate financing for the private sector. President Sisi underscored the importance of providing competitive financing rates to reduce costs. He noted that Egypt is adopting a series of policies as well as structural and economic reforms aimed at maintaining financial and economic stability. The President affirmed that the state is committed to boosting the private sector's role in economic activity and development and is working to bolster private sector confidence in the economy by offering numerous tax and customs facilities to reduce costs and streamline procedures. Additionally, the government is launching initiatives aimed at increasing exports, developing productive and service activities, and expanding public-private partnership projects. For his pasrt, IFC's managing director lauded Egypt's economic reform measures, which enhance investor confidence and improve the investment climate. He asserted that joint programs between both parties will continue to further advance cooperation and support the competitiveness of the Egyptian economy. (MENA) A A E/M O H
