PM: Egypt aims to achieve a growth rate of 15-20 percent in annual exports

CAIRO – March 30, 2024: Prime Minister Mustafa Madbouli announced that Egypt aims to achieve a growth rate of 15-20 percent in annual exports, which currently amount to $53 billion. The goal is to surpass $145 billion by the year 2030.

The Prime Minister concluded, during an inspection tour of several factories in the 10th of Ramadan industrial city, approximately 55 km from Cairo on the Cairo-Ismailia Desert Road, on Saturday, that Egypt's economy will return to normal by the end of this year.

During a press conference, he announced that Egypt will receive the first installment from the International Monetary Fund's (IMF) loan next week.

Madbouly added, that the Egyptian state is working on increasing dollar resources and rationalizing spending.

On Friday, the Executive Board of the International Monetary Fund (IMF) completed the first and second reviews of Egypt’s Extended Fund Facility arrangement with Egypt and approved an augmentation of the original program by about $5 billion (SDR 3.76 billion).

He further said that Egypt will receive the second installment of funds from the Ras El Hikma deal, worth $20 billion, at the beginning of next May.