CAIRO – 17 October 2024: During a press conference at the New Administrative Capital, Prime Minister Mostafa Madbouly announced that remittances from Egyptians abroad had rebounded significantly, reaching approximately $3 billion in the past month.
Madbouly provided updates following a recent government meeting, highlighting key developments in Egypt's economic outlook and its strategic relationship with Saudi Arabia.
He emphasized the importance of the recent visit by Saudi Crown Prince Mohammed bin Salman, describing it as a pivotal moment that underscores the strong and enduring ties between the two nations amidst regional challenges.
A major focus of the conference was the Egyptian-Saudi Supreme Coordination Council, which aims to further deepen the strategic relationship between the two countries.
One of the most significant projects discussed was the electrical interconnection initiative, with the first phase set to become operational by May and June of next year.
Madbouly explained that this initial phase would enable a mutual electrical connection of 1,500 megawatts, benefiting both nations by allowing them to share electricity during peak hours, given the differences in demand between the two countries.
He further noted that the capacity of the electrical interconnection project, set to reach 3,000 megawatts, would surpass the entire regional capacity of the Gulf Cooperation Council countries, marking a major milestone in regional energy cooperation.
Additionally, Madbouly highlighted that Egypt has identified over 150 product groups with annual import volumes exceeding $25 billion.
The government is offering substantial incentives to encourage local production of these goods, aiming to reduce reliance on imports and stimulate domestic industry.
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