Egypt to sign major investment partnership deal on Friday

CAIRO - 22 February 2024: Egypt’s Prime Minister, Mostafa Madbouly is set to witness tomorrow, Friday, the signing ceremony of a major investment partnership deal.

 

A press conference will follow the signing ceremony to explain the details of the deal at the Cabinet headquarters in the Administrative Capital, according to the Cabinet.

 

Earlier on Thursday, the Egyptian Cabinet announced the approval of the largest direct investment deal through a partnership with major entities. 

 

This comes in the context of the current state efforts to attract foreign direct investment (FDI) and increase the country's foreign exchange resources, according to the cabinet’s statement.

 

Prime Minister, Mostafa Madbouly, stated that this major investment deal, conducted in partnership with major entities, achieves the state's development objectives outlined in the National Strategic Urban Development Plan.

 

He noted that this deal marks the beginning of several investment agreements the government is currently working on to increase the country's foreign currency resources.

 

The Prime Minister explained that the complete details of this deal will be announced, along with the signing of the relevant agreements. 

 

He emphasized that the government's success in attracting massive foreign investments confirms the confidence of major investment entities in the Egyptian economy and its ability to overcome challenges.

 

The projects resulting from this deal will provide hundreds of thousands of job opportunities, contributing to economic recovery, according to Madbouly.

 

Additionally, various Egyptian companies and factories will participate in the implemented projects, leading to multiple benefits for the Egyptian state.

 

“This significant deal, along with others, and the substantial foreign currency liquidity it will provide, will contribute to stabilizing the foreign exchange market and improving the economic situation, " the PM emphasized.

 

He also noted that the government is currently working on finalizing an agreement with the International Monetary Fund (IMF).

 

Furthermore, the government continues its measures outlined in the State Ownership Policy document, aiming to empower the private sector and increase its participation opportunities in developmental sectors.