Sisi warns of malicious campaigns to cast doubts on Egypt’s development achievements

CAIRO – 8 September 2022: Egyptian President Abdel Fattah El-Sisi has warned of malicious campaigns that aim to cast doubts on the state’s development achievements.

The president made the statements on Thursday during the inauguration of the Olympic Village of the Suez Canal Authority (SCA) in Ismailia city.

Sisi called on national media to respond to these malicious campaigns by bringing facts on the ground that reflect Egypt's achievements.

Economic situation

Speaking about the economic situation in Egypt, Sisi said the state is tackling the impact of global economic crisis on Egypt in a different way to avoid grave influence on the citizens.

He affirmed that the state is working on providing the basic commodities in a way that makes them affordable for the citizens.

Speaking during the ceremony, Minister of Finance Mohamed Maait said Egypt’s economy is still doing well despite the two major shocks of COVID-19 and the Ukrainian crisis.

President Sisi said Egypt is keen to have basic commodity stocks that are enough for a period of 6 months at least.

Egypt is working on building electricity control network with $3 billion, Sisi said.

Without having a good energy infrastructure, I would not have told the European countries that Egypt has the ability to produce electricity, the president said.

Zohr gas field helped reduce the domestic prices of electricity despite the global hike of energy prices, Sisi said.

He added that projects of the transport sector were a must for developing the country.

President Sisi hailed the support granted by the Gulf countries, especially Saudi Arabia, UAE, and Kuwait in the past years.

If not for the Gulf countries' financing to Egypt and support to the petroleum derivatives sector, citizens would not have found fuel in gasoline stations, Sisi said.

The president added that countries provided Egypt with petroleum for 18 months free of charge and petroleum derivatives were transferred by the Mediterranean and the Red seas to the Egyptian ports.

Egyptians are the only ones who survived the turmoil that happened in the region in the past years, Sisi said, adding that had the officials been corrupt, God would not have helped them get Egypt out of this unharmed.

Suez Canal projects

Sisi said the new shipping lane of the Suez Canal that was built in 2015 helped increase revenues of the state.

He added that the ongoing development projects in the Suez Canal will promote the international trade maritime movement.

The ongoing development projects in the Suez Canal are being funded by the SCA revenues, Sisi said, affirming again that all development projects of Suez Canal are being funded by the canal revenues.

President Sisi: The expansion work of the southern entrance of the Suez Canal would be completed by mid-2023, Sisi said.

He also affirmed the need for working to reduce the period of granting licenses to improve yacht tourism in Egypt.

For the first, yacht tourism platform has been launched in Egypt. Sisi said three yacht ports will be established and funded by the revenues of the Suez Canal not by the general budget allocations.