OPEN// PM confirms growing global confidence in Egypt's economy

Middle East

2 days ago

NEW ALAMEIN, July 16 (MENA) – Prime Minister Mostafa Madbouli said many international institutions have praised Egypt's economic resilience, noting that recent regional tensions, including the Israel-Iran conflict, caused only temporary effects.
He added that Egypt's commitment to a flexible exchange rate has improved investor confidence.
Following a cabinet meeting in New Alamein, Madbouli said that global interest in building factories in Egypt is increasing. He confirmed that inflation fell to 14.4% in June, down from 16.5% in May, and said the government is monitoring prices and supply daily to ensure market stability.
The Premier added that President Abdel Fattah El Sisi's participation in the recent African Union summit proves that Egypt has an active role across the continent, noting that Egypt leads two AU mechanisms: one for strategic coordination, the other for regional security in North Africa.
"Sisi also held several meetings with African leaders, who expressed interest in involving Egyptian companies in infrastructure projects, Madbouli added.
He noted that African leaders have asked Egyptian companies to take part in major development projects, citing their reputation for quality and delivery.
The Prime Minister added that three regasification ships are now connected to Egypt's national gas network via Ain Sokhna Port, with a capacity of 2.25 billion cubic feet per day. Two more ships, one in Alexandria and one in Aqaba, will enter service soon as part of the state's summer contingency plan.
Additionally, Madbouli affirmed that Egypt has paid over $1 billion in overdue payments to foreign energy partners and plans to pay an additional $1.4 billion before the end of 2024.
He concluded with remarks confirming that the government is committed to regular payments and is working to increase local gas production to reduce reliance on expensive imports. (MENA)
H A T/S R E