Latest news with #Planning
See - Sada Elbalad
12 hours ago
- Business
- See - Sada Elbalad
Egypt Rises to 9th Globally in FDI Inflows amid Record $47 Billion Surge
Taarek Refaat Egypt has made a dramatic leap in the global investment landscape, ranking 9th worldwide in foreign direct investment (FDI) inflows for 2024, according to the World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD). FDI into Egypt surged to $47 billion last year, up from just $10 billion in 2023—catapulting the country from 32nd place to the top 10 globally. The report credits this extraordinary 373% increase primarily to mega-deals and landmark projects, particularly the Ras El Hekma coastal development initiative. The United States retained its position as the world's leading destination for FDI, followed by Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. Egypt was the only African and Arab country to appear in the global top 10. A joint statement by Egypt's Ministries of Investment, Planning, and International Cooperation—released in collaboration with UNCTAD—highlighted the broader regional momentum, noting that FDI to Africa rose by 75% in 2024, reaching $97 billion, up from $55 billion in 2023. Egypt led the continent in FDI growth, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. Despite Egypt's exceptional performance, the UNCTAD report paints a more cautious global picture: total FDI flows worldwide fell by 11%, from $1.67 trillion in 2023 to $1.5 trillion in 2024. This decline was driven largely by a 22% drop in FDI to advanced economies, amid rising geopolitical tensions and tighter monetary policies. Developing countries managed to maintain stable inflows overall, while the least developed countries (LDCs) saw a 9% increase, signaling selective resilience. Interestingly, the number of new investment projects worldwide increased slightly by 3%, reaching 19,356, suggesting that while capital volumes are down, investor appetite for greenfield projects remains intact. Economists say Egypt's performance reflects a broader strategic shift toward large-scale, state-backed development projects aimed at transforming the country into a regional investment hub. Whether this momentum can be sustained will depend on regulatory clarity, infrastructure readiness, and macroeconomic stability. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Egypt Today
18 hours ago
- Politics
- Egypt Today
PM Madbouly follows up on funding of ‘Haya Karima' initiative projects
CAIRO -19 June 2025: Prime Minister Mostafa Madbouly chaired a meeting on Thursday to review the funding status of projects under the presidential 'Haya Karima', Decent Life initiative. The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny and several other senior officials. Cabinet Spokesperson Mohamed el Homsany said Madbouli closely followed up on the funding developments for the first phase of the initiative, which is set to conclude soon. He reaffirmed ongoing coordination with relevant ministers and authorities to monitor the implementation of the initiative as one of the country's most significant presidential development programs that aims to improve the living standards of millions of rural citizens through the provision of modern infrastructure, integrated social services, and sustainable job opportunities. The meeting also reviewed progress on projects in the first phase and preparations for the launch of the second phase of the initiative. The discussions included an overview of investment allocations for key national programs, including the 'Building the Egyptian Citizen' program and targeted investment in Upper Egypt. The meeting also addressed improvements in public service indicators such as sanitation, drinking water, natural gas, and high-speed internet access in villages covered by the initiative's first phase.
Egypt Today
a day ago
- Business
- Egypt Today
Egypt 'platform' for int'l cooperation amid regional, global uncertainty: Al-Mashat
Minister Rania Al-Mashat CAIRO - 19 June 2025 — Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat said that Egypt continues to position itself as a platform for international cooperation and investment, even amid global and regional headwinds. 'This report is being released at a time of rising uncertainty, even more than when it was drafted,' Al-Mashat said during her speech at the launch of the UNCTAD World Investment Report 2025 in Cairo. 'Yet, despite this challenging backdrop, there are silver linings, particularly in Africa, and in Egypt's case, projects such as Ras El-Hekma reflect both direct investment and debt-swaps, which the report examines in detail,' she added. She noted that the report also echoes recent global calls to mobilize more financing for the private sector; a theme aligned with Egypt's national priorities and recent efforts to encourage private-sector engagement in development. Referring to Egypt's recent hosting of the Development Finance to Foster Private Sector-Led Growth & Jobs conference, Al-Mashat said the country serves as an example of how multilateral development partners can work together to support investment and development agendas. She also touched on broader issues raised in the report, including developments in East Asia's green transition and the importance of international experience-sharing through South–South and triangular cooperation. She emphasized the importance of including all countries in global transformations, especially in areas such as digital infrastructure and artificial intelligence. 'The digital divide is no longer just about access to infrastructure, it now includes AI,' she said. 'Without inclusive approaches, we risk leaving countries behind.' Al-Mashat concluded by underscoring Egypt's role as a consistent host of international events focused on investment and development. 'We began this week with strong messages from global institutions on concessional finance and private-sector investment in Egypt, and we're ending it with another important global partner launching a major report from Cairo.'
Egypt Today
a day ago
- Business
- Egypt Today
Egypt to showcase SDG financing model at Seville Conference: Al-Mashat to ET
CAIRO - 19 June 2025: 'There is now a global call to close the SDG financing gap through concessional tools directed at the private sector. What we're doing in Egypt, and what we will showcase this Sunday in Seville at the Finance for Development conference, is a concrete example of how a country can effectively mobilize such finance,' Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat told Egypt Today. Al-Mashat's remarks during the global launch of the UNCTAD World Investment Report 2025, held in Cairo. The minister said that the $15.6 billion in concessional development finance directed to Egypt's private sector since 2020 has been actively deployed across a wide range of ongoing projects in key industries. Responding to Egypt Today's question on how these financial flows align with UNCTAD's recommendations for emerging markets, Al-Mashat emphasized the importance of understanding that these are not just commitments, but funds already in action. 'We have issued a report that details exactly where the funds have gone—including credit lines through local banks, renewable energy projects, food processing companies, and SMEs,' she said. She also noted that the UNCTAD Secretary-General's comments in the report underscored the critical role of financing in helping countries attract investment and meet development goals. The Minister also highlighted the recent announcement of a €1.8 billion investment guarantee mechanism with the European Union, describing it as a practical instrument that supports the UNCTAD report's recommendations and broader international calls to scale up development finance for the private sector. Minister of Investment and Foreign Trade Hassan El-Khatib, also speaking to Egypt Today, emphasized the government's ongoing efforts to enhance Egypt's attractiveness to foreign investors. 'Our focus as economic ministers is to create a competitive, investment-friendly environment that encourages FDI,' El-Khatib said. 'This means accelerating policy reform and improving the ease of doing business.' He pointed to tangible progress in Egypt's digital transformation efforts. 'We've launched a digital platform that offers 89 investment-related services electronically, including company registration and access to finance. We've also signed a protocol with GAFI and other entities to launch a unified investment platform that will digitize procedures for establishing companies, issuing permits, and paying fees.' According to El-Khatib, the platform is designed to streamline regulatory procedures across more than 235 economic activities, significantly reducing bureaucratic steps. 'In one pilot case, we reduced the number of steps in the investment process from 33 to a much smaller number. We are now scaling that across additional sectors,' he said. Both ministers reaffirmed Egypt's strategic aim of positioning itself as a reliable and competitive destination for foreign direct investment, supported by robust development partnerships and a growing pipeline of investable opportunities. 'Whatever happens in the global landscape, our aim is for Egypt to stand out as a ready and attractive destination for sustainable, private-sector-led investment,' El-Khatib concluded.
Indian Express
2 days ago
- Politics
- Indian Express
CM to PCMC chief: Cancel Charholi TP scheme plan, first take people into confidence
AFTER continuous protests from Charholi residents, Chief Minister Devendra Fadnavis on Wednesday directed the Pimpri-Chinchwad Municipal Corporation (PCMC) to cancel its plan to implement the TP (Town Planning) scheme in these areas. 'I direct the municipal commissioner not to stay the TP scheme proposal in Chikhli-Charholi area but to cancel it. Without taking people into confidence, we cannot carry out the development process,' the CM said during the inauguration of several civic infrastructure projects in Chikhli. Before the CM made the announcement, Bhosari MLA Mahesh Landge spoke about how the residents of Charholi area were opposing the TP scheme. 'PCMC's plan has caused a lot of confusion among the people. It has triggered protests.' In a social media post after the event, Landge said, 'I welcome the decision of the Chief Minister to cancel the TP scheme in Charholi area. The CM has clearly said that the scheme should not be implemented without taking the residents into confidence. This will certainly gladden the hearts of the residents of Charholi.' Civic activist Avinash Chilekar said, 'Since the PCMC declared its intention to implement the TP scheme in Charholi area, residents have been up in arms. They recently even organised a bandh. The TP scheme was meant for 3,500 acres of land in Charholi. It meant that farmers were going to lose their land big way. For instance, if a farmer had 10 acres of land, PCMC would have taken over 5 acres and on the remaining five acres, it would have set up public amenities. The land owner would be given TDR or transfer of development rights. The farmers said instead of giving land to PCMC, if they themselves implement a project it would benefit them more. And, therefore, the farmers were angry with the PCMC,' he said.
