CAIRO – 1 January 2025: During his weekly press conference, Egyptian Prime Minister Mostafa Madbouly addressed several key issues impacting Egypt’s economic and technological future.
Madbouly announced that the first tranche of the European Union’s support for Egypt, worth one billion euros, was deposited into the Central Bank last Friday. He also highlighted that Egypt had successfully paid 39 billion dollars in 2024, with a lower amount expected in 2025.
The Prime Minister emphasized that the government’s strategy is focused on maximizing state assets through partnerships, rather than selling them outright. He called on the private sector to play an active role in Egypt's industrial revival and stressed the importance of fostering growth through collaboration.
Madbouly highlighted the presence of five international mobile phone manufacturing companies operating in Egypt, underscoring the need to support these businesses and strengthen Egypt’s position in the global technology market.
He also discussed the agreement with the International Monetary Fund (IMF), calling it a vote of confidence in the Egyptian economy. He noted a 3.5% growth rate, signaling a positive economic trajectory, and revealed that private sector investments now account for 63.5% of total investments in the country.
As Ramadan approaches, Madbouly reiterated the government’s commitment to maintaining price stability, a period typically marked by increased consumer spending. “We are striving to ensure price stability in the coming period, especially with Ramadan approaching,” he said.
The Prime Minister also encouraged the youth to engage more actively in the technology sector, describing it as the future of Egypt’s economic growth. “Technology is the future, and I encourage young people to focus on this sector,” he stated, aligning with the government’s broader goal to accelerate economic reforms and improve the investment climate.
Madbouly shared that new measures to ease the investment climate would soon be introduced, aimed at attracting both domestic and international investors. He further highlighted the government’s proactive engagement with different economic sectors, noting that meetings have been held to listen to concerns and suggestions from various stakeholders. This reflects the government’s collaborative effort to tackle challenges and stimulate economic growth.
Additionally, a significant EGP 56 billion investment is being directed towards the development of a spinning and weaving project in El-Mahalla El-Kubra, reflecting the state’s commitment to revitalizing traditional industries and boosting local production capacity.
Looking to the future, Madbouly announced that the Grand Egyptian Museum is set to open in 2025, marking a major milestone in Egypt’s cultural and tourism sectors.
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