Ministry of Planning and Economic Development
The signed agreements include a memorandum of understanding aimed at boosting trade, economic partnerships, and cooperation in macroeconomic forecasting, digital economy initiatives, and regional economic integration.
This approach has enabled Egyptian banks to increase support for small- and medium-sized enterprises (SMEs) and expand green financing initiatives, in alignment with the country's shift towards a more sustainable, green economy
The program provides comprehensive technical support to help Egypt strengthen sector strategies, improve water governance, and foster collaboration between public and private sectors.
the project aims to enhance local value creation and is expected to generate 1,330 jobs across construction, operation, and maintenance stages.
The announcement was made during a press conference held alongside the release of key economic indicators for the fiscal year 2023/2024
Oil refining activities decreased by 6.1 percent, influenced by lower production, but started to improve in the months after the fiscal year ended, as dues to foreign partners were settled.
El Said noted that the plan targets a real economic growth rate of 4.2 percent in 2024/2025, compared to the expected low rate of 2.9 percent in the current fiscal year 2023/2024
El Said, speaking at the Joint annual meeting of the Arab financial institutions in Cairo, mentioned that the government is presently engaged in evaluating offers and intends to make a selection soon
Egypt is currently targeting a growth rate of between 4 and 4.2 percent for FY2024/2025, she added and expects a slowdown to 2.9 percent for the current fiscal year with growth impacted by geopolitical tensions
With a diverse range of 395 projects, IsDB's investment portfolio in Egypt covers vital areas such as electricity, infrastructure, and transport
Public investments for the upcoming fiscal year are capped at LE 1 trillion to bolster private sector involvement, aiming to raise private investment to 50 percent of total investments, up from 40 percent this year
This revised target is significantly lower when compared to the program's previous achievements, which amassed around $5.6 billion between April 2022 and the conclusion of last year
The implementation of an enhanced accounting methodology has yielded valuable insights into the volume and sectorial distribution of private investment, aligning with the government's objective of creating a realistic investment map
El-Sisi pointed to the importance of ensuring that investments are channeled in a manner that maximizes benefits for the citizens
The sector's investments account for 5% of the total investments in the plan, with the private sector playing a crucial role in driving growth
The agreements include investments of $12 billion for the pilot phase and approximately $29 billion for the first phase
In the previous fiscal year, FY22/23, Egypt anticipated a growth of around 31 percent in private investments, while the actual growth rate achieved in FY21/22 was 29 percent.
Taqa Arabia, Abu Dhabi National Oil Company (ADONC), Emirates National Oil Company (ENOC), and Petromin are currently competing for the acquisition of shares in Wataniya
The latest data reveals a slowdown compared to the 2.9 percent growth witnessed in the fourth quarter of the fiscal year 2022/2023.
CAPMAS further disclosed that the labor force in Egypt grew during the third quarter, with a total of 31.956 million individuals actively participating in the workforce.
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