Latest news with #NationalEconomicDevelopmentNarrative
Egypt Today
01-06-2025
- Business
- Egypt Today
Sisi discusses Egyptian economy competitiveness with Cabinet
Sisi with Cabinet ministers - FILE CAIRO - 2 June 2025: President Abdel Fattah al-Sisi was briefed by several ministers on Sunday on the steps taken to enhance the competitiveness of the Egyptian economy and increase foreign direct investment through a unified national investment strategy. The strategy includes structural reforms, setting specific objectives, incentive-driven fiscal policies and open trade policies. It also focuses on encouraging the private sector and continuing digital transformation as fundamental pillars for development. Investors are encouraged by simplifying and streamlining investment-related procedures and approvals, facilitating licensing procedures through the launch of a unified platform that offers electronic licensing services, and reducing non-tax financial burdens on investors and companies, according to a statement by the presidential spokesperson. The meeting also addressed the progress of a project to construct an Unclean Dry Bulk terminal at Abu Qir Seaport in Alexandria, as part of efforts to transform Egypt into a global hub for transportation, logistics, and transit trade. A study was also reviewed on establishing a logistics terminal for receiving and handling raw iron and billets in Adabiya, Suez, as part of efforts to transform Egypt into a global hub for the iron and steel industry. The meeting also touched on the work of The Sovereign Fund of Egypt for Investment and Development, including the operational and legislative frameworks for maximizing the value of the Fund's affiliate companies, as well as efforts to list and monitor state-owned enterprises to ensure increased investment value and internal returns from these companies. President El-Sisi gave directives to continue efforts to maximize returns from state assets and generate added value for the Egyptian economy through their effective management by innovative strategies and partnerships with the private sector. The meeting also addressed increasing Egyptian exports, including the development of non-petroleum exports. The meeting reviewed the contribution of Egyptian exports to the Egyptian economy from 2003 to 2024, as well as export targets, which include access to new export sectors, efforts to increase the competitiveness and attractiveness of Egyptian products in global markets, and efforts to invest in export-supporting infrastructure. The meeting also addressed the launch of the National Economic Development Narrative and its various axes, which include policies supporting the private sector to be the main driver of achieving growth and employment, creating an economy that focuses on manufacturing and exports, achieving structural development for the Egyptian economy, implementing the necessary structural reforms to boost the economy, enhancing macroeconomic and financial stability, promoting foreign direct investment, and enhancing industrial development. The meeting with the President included Prime Minister Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Lieutenant General Kamel Al-Wazir, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Finance Ahmed Kouchouk, and Minister of Investment and Hassan El-Khatib.
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.
See - Sada Elbalad
16-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Delivers Egypt's Statement at EBRD Board of Governors Plenary Session
SEENEWS Press Release May 16, 2025 *Minister of Planning, Economic Development and International Cooperation Delivers Egypt's Statement at the EBRD Board of Governors Plenary Session* _*"Al-Mashat":*_ _• Our partnership with the EBRD is based on a shared commitment to achieving economic development, regional integration, and promoting South-South cooperation._ _• The EBRD supports Egypt's regional leadership as a hub for clean energy, manufacturing, and green transition._ _• The national narrative for economic development aims to build a more resilient and attractive competitive economy for investments._ _• Empowering the private sector represents a fundamental pillar in Egypt's economic reform agenda._ _• Egypt is committed to the approach of economic and structural reform, fiscal discipline, and creating space for the private sector._ H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), delivered Egypt's statement at the plenary session of the Bank's Board of Governors. This took place during her participation in the EBRD's 34th Annual Meetings and Business Forum 2025, held in the United Kingdom from May 13 to 15. H.E. Dr. Rania Al-Mashat emphasized the continued strong partnership between the Arab Republic of Egypt and the EBRD, reflecting the global context and national strategic priorities. H.E. Minister Al-Mashat noted that the EBRD is a development partner and one of the most important multilateral development banks working with Egypt to empower the private sector, enhance resilience, and drive the green transition. H.E. Dr. Al-Mashat highlighted that over the past year, Egypt has maintained its position as the largest country of operations for the Bank in the Southern and Eastern Mediterranean (SEMED) region for the seventh consecutive year. This is evidence of the strength of the partnership and the significant transformation witnessed by the Egyptian economy within the framework of ongoing economic and structural reforms. H.E. Dr. Al-Mashat pointed out Egypt's adoption of a comprehensive economic reform agenda aimed at laying the foundations for a more resilient and inclusive economy. This agenda reflects a new national vision aimed at deepening the role of the private sector, enhancing the quality and inclusivity of growth, and enabling Egypt to deal with an increasingly complex global economic environment. H.E. Minister Al-Mashat added that at the core of this transformation, Egypt is moving towards a new growth model that is more competitive, diversified, and export-oriented, stressing the importance of strategic transformation to achieve sustained gains in productivity, expand access to global markets, and generate higher quality job opportunities. H.E. Dr. Al-Mashat touched on the National Economic Development Narrative, currently being prepared by the Ministry of Planning, Economic Development and International Cooperation within the framework of Egypt's Vision 2030. The narrative aims to empower the private sector, promote sustainable and inclusive growth, and build a more competitive and resilient economic structure by maintaining macroeconomic stability, improving the business environment, supporting competitive sectors, developing industry, and investing in human capital and capacity building. H.E. Dr. Al-Mashat referred to the National Structural Reform Program, which is based on three main pillars: enhancing resilience and macroeconomic stability, improving competitiveness and the business environment, and supporting economic diversification and the green transition. H.E. mentioned that these pillars form the basis for achieving sustainable development and qualitative growth, with a strong focus on social justice and inclusion. H.E. Minister Al-Mashat underscored that enhancing private sector participation represents a fundamental component of Egypt's reform agenda, where the reliance on state-led growth is being shifted towards the private sector in key industries. She stressed the necessity of this strategic shift to drive sustainable and inclusive growth, adding that the government aims to increase the private sector's contribution to economic activity, targeting a 65% share within the next three years. H.E. Dr. Al-Mashat affirmed that as a result of these domestic reforms, 2024 marked the first year in which concessional financing directed to the private sector exceeded that allocated to the government, representing a significant milestone in Egypt's economic transformation. H.E. Minister Al-Mashat reviewed the partnership with the EBRD to empower the private sector, improve the governance of public-private partnerships, and prepare bankable projects across various sectors. She also referred to Egypt's country platform "NWFE" (Nexus on Water, Food and Energy), where the EBRD is a key partner in the energy sector. Through joint efforts, $3.9 billion has been mobilized in the past two years for the energy sector to implement renewable energy projects. H.E. Dr. Rania Al-Mashat also highlighted the EBRD's role in supporting Egypt to enhance its leadership as a hub for industry and green energy, connecting African, Arab, and European markets and supporting sectors with high green export potential, such as green hydrogen, sustainable textiles, and climate-smart agriculture. H.E. Minister Al-Mashat added that as a result of a balanced approach of fiscal discipline and structural reforms, economic growth is expected to reach 4% for the fiscal year 2024/2025, with targeted policies and financing mechanisms also working to accelerate development efforts. She noted that the economic growth rate began to rise, recording 4.3% in the second quarter of the fiscal year 2024/2025, up from 2.3% in the corresponding quarter of the previous fiscal year. Al-Mashat clarified that key sectors showed strong performance, with the tourism sector growing by 18% with more than 4.41 million visitors, in addition to the expansion of the information and communication technology sector by 10.4%. She affirmed Egypt's continued commitment to economic reform, prioritizing private sector development, fiscal discipline, and structural transformation. H.E. Minister Al-Mashat reiterated that Egypt values its strong partnership with the EBRD, which is based on a shared commitment to economic development, regional integration, and South-South cooperation, noting Egypt's support for the Bank's expansion in sub-Saharan Africa and Iraq as an important step towards enhancing regional stability and development. H.E. Dr. Al-Mashat explained that the ongoing reforms at the EBRD are capable of enhancing the Bank's financial resilience and aligning it with evolving multilateral strategies. They will also enable more effective access to development financing, greater private sector participation, and the creation of a stronger and more responsive development model, noting Egypt's support for the Strategic and Capital Framework (SCF), which focuses on gender, green transition, and governance, with the engagement of the private sector and digital transformation as key enablers, aligning with the joint strategy between Egypt and the Bank. H.E. Dr. Al-Mashat concluded Egypt's statement with the significance of deepening the focus on the impact of transition, resilience, and innovation in the EBRD's next strategic cycle, affirming Egypt's readiness to support the Bank in expanding its regional operations and leveraging platforms such as the Global Gateway initiative and just transition initiatives to maximize its impact. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Egypt Independent
30-04-2025
- Business
- Egypt Independent
IMF and World Bank expect Egypt's economic growth to increase, Mashat
Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat participated in a press conference held by Prime Minister Mostafa Madbouly following the weekly cabinet meeting. Mashat reviewed the most important economic developments, including the results of Egypt's participation in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, and their outlook on the Egyptian economy. Mashat revealed, according to a statement on Tuesday, that the Ministry of Planning, Economic Development, and International Cooperation will announce the details of the National Economic Development Narrative in June. The narrative will include clear targets for macroeconomic policies, foreign direct investment, industrial development, jobs, and the labor market, in line with the government's work program, Egypt Vision 2030, and the economic reform policies currently being implemented, she said. Mashat discussed the spring meetings of the IMF and the World Bank and their forecasts for global economic growth in light of recent economic developments such as protectionist trade policies. The global economic situation is uncertain, she said, a fact which was clearly evident in meetings with officials from international institutions, think tanks, decision-makers, and other government officials. Mashat added that protectionist trade policies and uncertainty were reflected in the results of the IMF's World Economic Outlook report. She explained that the report set a baseline scenario indicating that global economic growth would decline from 3.3 percent in 2024 to 2.8 percent in 2025, before rebounding to three percent in 2026 – a decrease of 0.5 percent and 0.3 percent from previous forecasts, if the announced trade policies remain as they are. The minister pointed out that although these expectations have an impact on growth in most regions of the world, the forecasts of the two largest financial institutions—the IMF and the World Bank—for the Egyptian economy are positive despite global developments. The review issued at the IMF's Spring Meetings forecasts growth of 3.8 percent in the current fiscal year, compared to 2.4 percent in the previous fiscal year, and then 4.3 percent and 4.8 percent in the next two fiscal years, respectively, the statement said. The World Bank, meanwhile, expects growth to rise to 3.8 percent and 4.2 percent in the current and next fiscal years, it added. The forecasts issued by the IMF and the World Bank are consistent with the government's growth projections, she said, as these forecasts are due to improvements in macroeconomic indicators, progress in implementing economic and structural reforms, and private sector engagement. They are also due to a decline in inflation from its peak levels and the beginning of the monetary easing cycle. The minister pointed out that the World Bank's meetings, which concluded late April, focused on growth and employment. Mashat noted that the World Bank focused on five priority sectors to increase growth and employment rates: infrastructure (physical and digital), agriculture as a labor-intensive business activity, primary healthcare, and tourism, which represents an employment multiplier, as each direct job creates four indirect jobs, in addition to value-added local manufacturing. Edited translation from Al-Masry Al-Youm
