Madbouly announces key economic, healthcare, infrastructure initiatives to boost Egypt’s growth

CAIRO - 4 December 2024: Prime Minister Mostafa Madbouly outlined several major developments in his recent statements, focusing on key initiatives in Egypt’s economy, healthcare, and infrastructure aimed at fostering growth.

 

Armed Forces Companies in IPO Program

 

Madbouly announced that 3 to 4 companies affiliated with the Armed Forces will be listed next week as part of the government’s IPO program. Additionally, the plan includes the listing of companies in the industrial and pharmaceutical sectors, aimed at attracting private sector investment and driving economic growth.

 

Cabinet Approves Automotive Market Vision for 2025

 

The Cabinet has approved a vision proposed by the Ministry of Investment and Foreign Trade to regulate the automotive market by 2025. This initiative aims to boost local investments, ensure vehicles meet standard specifications, and establish authorized service centers with spare parts. It also focuses on promoting fair competition and protecting intellectual property rights to eliminate market distortions.

 

Healthcare Allocations and Expenditures

 

Madbouly revealed that over EGP 40 billion has been allocated in the first half of 2024 for purchasing medicines. He also highlighted that nearly EGP 1 trillion has been spent on the healthcare sector over the past decade, underscoring the government’s commitment to improving healthcare services.

 

National Dialogue on Support Mechanisms

 

The Prime Minister emphasized that the National Dialogue is conducting intensive discussions on balancing cash and in-kind support for citizens. These conversations aim to enhance social protection programs and ensure the fair distribution of resources.

 

Development Around the Pyramids and GEM

 

Madbouly announced that planning for the area surrounding the Pyramids and the Grand Egyptian Museum (GEM) will be completed within six months. He noted that global consulting firm alliances have expressed interest in developing the area, including the Sphinx Airport, into a world-class cultural and tourism destination.

 

These initiatives reflect the government’s comprehensive approach to economic reform, public service enhancement, and positioning Egypt as a global cultural and investment hub.