PM: Egypt's economy showed strength despite global economic challenges

CAIRO - 3 October 2019: Prime Minister Mostafa Madbouli has said Egypt's economy showed strength in the recent period despite the world's economic challenges, expressing keenness on encouraging the private sector to achieve economic growth.

In a press conference at the cabinet headquarters Thursday, the prime minister said the cordial settlement of a legal dispute between Al Nasr Housing and Development Company, which is an affiliate of the Public Business Sector, and Emaar Misr company on the Moqattam plateau project took place within the framework of the government's keenness to encourage the private sector to launch more projects.

He said the government is keen on solving all problems as soon as possible to the benefit of all sides, pointing out that the government has managed to resolve settlement contracts' problems in many sectors such as oil and gas.

On the state support to the industry sector, he said the cabinet on Wednesday took an important decision to issue a new price for gas and energy consumed by heavy industry including iron, ceramics, cement and aluminium industries.

He said the government provided LE 100 million to pay the dues of junior exporters to encourage small industries.