Egypt to become active player in establishing joint Arab market for electricity in 2024-2030: IDSC

CAIRO 8 January 2024: The Information and Decision Support Center (IDSC) of the Egyptian Cabinet prepared a research project entitled “The Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030),” which outlines and determines the priorities for action at the policy level for the Egyptian economy until 2030.

 

The project considers macroeconomic trends, as well as trends at the level of the economic and social sectors that support the renaissance of the Egyptian state.

 

In terms of electricity, it is targeted in 2024-2030 to implement electrical interconnection projects between Egypt, Saudi Arabia, and Jordan, so that Egypt will become an active player in establishing a joint Arab market for electricity, in addition to electrical interconnection projects with Sudan and electrical interconnection projects with Italy and Greece.

 

While regarding tourism agenda in (2024-2030), it is targeted to increase tourism revenue growth rates by no less than 20 percent annually to achieve a targeted revenue of $45 billion by 2030.

 

At the exchange rate level, work will be done to continue adopting a flexible exchange rate policy to enhance the flexibility of the Egyptian economy in the face of shocks in parallel with the improvement in foreign exchange earnings, so that the gap between the official and unofficial exchange rates is covered within a specific period of time.

 

According to International Monetary Fund (IMF) estimates, the exchange rate of the Egyptian pound against the dollar will be recorded at about LE 36.83 on average during the period 2024-2028, in light of the expectation that the deficit in the current account balance will contain a deficit at the level of 2.6 percent of the gross domestic product on average annually during that period.

 

The first strategic direction, among the most prominent strategic directions of the Egyptian economy, deals with achieving strong, comprehensive, sustainable and balanced economic growth supportive of the renaissance of the Egyptian state, ranging between 6 percent to 8 percent, amid a greater focus on the quality of economic growth.

 

This will be done by enhancing the contribution of both exports and investments in generating output, and focusing on a pace of economic growth that supports employment to provide between 7 to 8 million job opportunities during that period.

 

The second strategic direction, among the most prominent strategic directions of the Egyptian economy, deals with adopting predictable economic policies that support macroeconomic stability, aiming to achieve price stability and financial discipline, putting public debt on sustainable paths, and implementing a program to enhance foreign exchange receipts with a target total of $300 billion by the end of the year. 2030, representing three times current levels.

 

The third strategic direction, among the most prominent strategic directions of the Egyptian economy, deals with the implementation of strategies, plans and programs that support the performance of the economic sectors leading the renaissance of the Egyptian state.

 

The document's sixth strategic direction addresses Egypt's pioneering role in the global economy by activating and maximizing the economic role of the Suez Canal, enhancing Egypt's role in transit trade, and continuing to conclude effective international strategic partnerships.