Latest news with #AbdelFattahAl-Sisi
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Al-Sisi reviews Egypt's food security, strategic commodity reserves
President Abdel Fattah Al-Sisi held a high-level meeting on Tuesday with key government officials to review Egypt's food security strategy and assess the status of the country's strategic commodity reserves, according to a presidential statement. The meeting included Prime Minister Mostafa Madbouly, Minister of Supply Sherif Farouk, Minister of Agriculture Alaa Farouk, and the Executive Director of the 'Future of Egypt' Development Authority. Presidential spokesperson Mohamed El-Shenawy confirmed that Egypt's strategic reserves of essential goods—including wheat, sugar, vegetable oils, meat, and poultry—remain stable and sufficient. Discussions highlighted recent procurement agreements, including the purchase of 3.4 million tonnes of wheat, 192,000 tonnes of crude vegetable oils, 4,000 tonnes of frozen poultry, and 6,000 tonnes of frozen meat. The government also reaffirmed its commitment to diversifying import sources to mitigate risks from global supply disruptions. President Al-Sisi stressed the importance of full coordination among relevant agencies to ensure an integrated approach to national food security. Special emphasis was placed on collaboration with the 'Future of Egypt' authority to boost cultivation of strategic crops in the New Delta project and advance self-sufficiency goals. The meeting also covered regulatory efforts related to bakeries, mills, and local markets, alongside progress in the rollout of 'One-Day Markets.' A total of 200 such markets were launched in November 2024, with another 200 planned for May 2025. On the retail front, officials discussed plans to attract foreign investment and expand commercial infrastructure, with new retail chains slated for El-Obour, Nasr City, and Qalyoub. Preparations are also underway to launch 'Carry On,' the country's first government-backed retail brand, in partnership with the private sector. Additional topics included the digital transformation of Egypt's agricultural sector, updates to subsidy recipient databases, and the establishment of the national commodities exchange. Registration of exporters and importers on the exchange platform has begun, and a draft law to formally regulate its operations—based on international standards—is in development. The meeting also addressed the production and distribution of fertilizers, particularly nitrates and urea, with Al-Sisi calling for gradual reforms that support farmers while maintaining food security. The president underscored the need to improve local cattle breeds to boost meat and dairy production, as part of broader efforts to enhance agricultural output and reduce reliance on imports.
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egypt–AU members trade exchange rises to $9.8bn in 2024
The Central Agency for Public Mobilization and Statistics (CAPMAS) reported that trade between Egypt and African Union (AU) countries reached $9.8bn in 2024, marking a 6.5% increase from $9.2bn in 2023. The figures coincided with President Abdel Fattah Al-Sisi's participation in the African Union's 7th Mid-Year Coordination Summit. According to CAPMAS, Egypt's exports to AU countries rose by 4.7%, reaching $7.7bn in 2024 compared to $7.4bn the previous year. Libya remained the top importer of Egyptian goods within the AU, with imports valued at $2bn in 2024. It was followed by Morocco at $1bn, Algeria at $996m, Sudan at $866.2m, Tunisia at $372m, Kenya at $307m, Côte d'Ivoire at $251m, Ghana at $239m, Nigeria at $151m, and Madagascar at $132m. Among Egypt's main exports to AU countries in 2024 were cement, gypsum, and table salt worth $694.4m; plastics and plastic products worth $590.5m; milled products worth $397m; electrical machinery and equipment worth $357.8m; iron and steel worth $289.4m; and various stone and cement products worth $279.2m. On the import side, Egypt imported goods worth $2.1bn from AU countries in 2024, up 14.5% from $1.8bn in 2023. The Democratic Republic of Congo led AU exporters to Egypt with $661.9m, followed by Sudan with $292.4m, Kenya with $260.1m, Nigeria with $165.5m, South Africa with $154.3m, Zambia with $64m, Libya with $56.4m, and Tunisia with $49.9m. Top imports included copper and copper products valued at $741.5m; coffee and tea worth $286.6m; mineral fuels and oils at $203.7m; live animals at $147.6m; oil seeds and oleaginous fruits at $109.4m; cars and tractors at $85.3m; cotton at $80.9m; and iron and steel worth $73.6m. CAPMAS also reported that remittances from Egyptians working in AU countries reached $115.8m in FY 2023/2024, down slightly from $122m the previous fiscal year. Nigeria topped the list with $9.3m, followed by Kenya with $9.2m, Morocco with $7.3m, Tanzania with $6.7m, Mauritius with $6.2m, South Africa with $5.8m, and Tunisia with $5.1m. Conversely, remittances sent by workers from AU countries residing in Egypt amounted to $23.6m, compared to $28.8m in FY 2022/2023. South Africa led with $6m, followed by Nigeria with $2.9m, Morocco with $2.2m, Tunisia with $1.8m, Kenya with $1.2m, Congo with $1.19m, and Zambia with $1.16m. Regarding investment, AU countries invested $831.2m in Egypt during FY 2023/2024, down from $1.6bn in FY 2022/2023. Meanwhile, Egyptian investments in AU countries reached $499.1m, a slight decrease from $504.6m in the previous year.
Daily News Egypt
6 days ago
- Politics
- Daily News Egypt
Al-Sisi reaffirms Egypt's commitment to African security, development at AU Mid-Year Summit
Egyptian President Abdel Fattah Al-Sisi participated on Sunday in the 7th Mid-Year Coordination Meeting of the African Union (AU), held in Malabo, the capital of Equatorial Guinea. Through a series of speeches and bilateral meetings, Al-Sisi underscored Egypt's unwavering commitment to supporting peace, security, and sustainable development across the continent. In his address to the summit, delivered in his capacity as Chair of the current rotation of the North African Regional Capability (NARC), Al-Sisi highlighted Egypt's efforts to bolster the readiness of this regional component of the African Standby Force (ASF)—a cornerstone mechanism for maintaining peace and security in Africa. He noted that the continent continues to face complex geopolitical challenges, including armed conflicts, terrorism, organized transnational crime, and the impacts of climate change—all of which necessitate activating effective regional response mechanisms. Al-Sisi outlined the progress made under Egypt's leadership this year, including administrative and financial reforms and the organization of a joint field training exercise in Algeria. This exercise aimed to strengthen coordination among the military, police, and civilian components of the force. He also stressed the importance of sustained cooperation with the AU Commission and called for securing sustainable financing to achieve full operational capability. Separately, in his capacity as Chair of the Heads of State and Government Orientation Committee of the African Union Development Agency (AUDA-NEPAD), Al-Sisi affirmed that Africa holds real opportunities for development despite increasing regional and global challenges. He detailed Egypt's key priorities during its chairmanship, notably narrowing the development financing gap, accelerating the implementation of the African Union's Agenda 2063, and localizing strategic infrastructure projects. He also highlighted tangible achievements under the committee's supervision, including mobilizing $100 million for the African Population Grant Initiative and securing €100 million for the African Skills Initiative. In addition, the AUDA-NEPAD Development Fund feasibility study has moved forward, and Al-Sisi announced the forthcoming launch of the AUDA-NEPAD Center of Excellence for Climate Change in Cairo. This center will act as a vital platform to address the continent's climate-related challenges. On the sidelines of the summit, President Al-Sisi held several bilateral meetings aimed at fostering African solidarity and economic integration. During his meeting with Equatorial Guinean President Teodoro Obiang Nguema, the two leaders discussed expanding trade and investment, particularly in energy, infrastructure, and industry. Al-Sisi praised Equatorial Guinea's successful hosting of the summit and reaffirmed Egypt's commitment to advancing joint African action. In his meeting with Angolan President João Lourenço, Al-Sisi expressed appreciation for Angola's leadership within the African Union and reviewed key security issues in the Horn of Africa, Sudan, the Sahel, and the Nile Basin. The discussions also covered opportunities to deepen bilateral cooperation. President Al-Sisi also met with former Ghanaian President John Mahama to discuss enhancing the African Continental Free Trade Area (AfCFTA), whose secretariat is based in Ghana, while Egypt currently chairs the Council of Ministers of Trade. Both sides reviewed ways to boost intra-African trade and tackle barriers hindering deeper economic integration.
Daily News Egypt
12-07-2025
- Politics
- Daily News Egypt
Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration
Egyptian President Abdel Fattah Al-Sisi has arrived in Malabo, the capital of Equatorial Guinea, to take part in the 7th Mid-Year Coordination Meeting (MYCM) of the African Union (AU) — a key platform for advancing regional integration and aligning continental strategies. Presidential spokesperson Mohamed El-Shinawy stated that President Al-Sisi is participating in the summit in his capacity as Chair of the North Africa Regional Mechanism and Chairperson of the Heads of State and Government Orientation Committee of the African Union Development Agency (AUDA-NEPAD). During the meeting, President Al-Sisi is expected to outline Egypt's efforts to strengthen the effectiveness of these mechanisms, with a particular focus on linking peace and security initiatives to broader development goals aimed at achieving sustainable stability across Africa. The MYCM, established in 2017 to replace the AU's traditional mid-year summits, convenes a select group of African leaders, including the Chairpersons of Regional Economic Communities (RECs), AU Commissioners, and heads of regional mechanisms. Its primary aim is to coordinate and harmonise the work of the AU and RECs to accelerate the implementation of the AU's Agenda 2063 — the continent's strategic framework for inclusive growth and sustainable development. In line with AU protocols, the MYCM performs several critical functions: reviewing the current state of continental integration; coordinating the division of labour between the AU, member states, RECs, and other regional mechanisms; and aligning policies across various sectors. The meeting also serves to identify areas of cooperation, establish mechanisms for collaboration at regional and continental levels, and assess progress in implementing AU decisions and legal frameworks related to inter-institutional relations. On the sidelines of the summit, President Al-Sisi is also scheduled to hold bilateral talks with several African heads of state. These meetings will focus on addressing pressing challenges confronting the continent and exploring avenues to enhance political and economic stability in pursuit of shared development aspirations. Egypt's participation in the summit comes at a pivotal time, as Africa navigates a complex landscape marked by climate change, armed conflicts, food insecurity, and demographic pressures — all against the backdrop of ongoing efforts to deepen continental unity and advance regional cooperation.
Daily News Egypt
07-07-2025
- Business
- Daily News Egypt
Egypt calls for stronger central bank cooperation, local currency use at BRICS summit
Egypt called on BRICS nations to strengthen cooperation between their central banks and push forward with enabling financial settlements in local currencies, its prime minister said at a summit session in Rio de Janeiro. Speaking on behalf of President Abdel Fattah Al-Sisi, Prime Minister Mostafa Madbouly said the world was suffering from complex crises and a decline in multilateralism, and that BRICS countries should bolster their financial and economic ties to face these challenges. 'We must enhance cooperation between the central banks of the BRICS countries and advance our efforts in enabling financial settlements in local currencies, in line with the BRICS cross-border payments initiative,' Madbouly told a session titled 'Enhancing Multilateralism, Economic and Financial Affairs, and Artificial Intelligence.' Madbouly stated that the world is experiencing a decline in the effectiveness of the international system, while developing countries are suffering from rising debt service burdens, inflation, and difficulty in accessing concessional financing for infrastructure projects. 'This situation has been further complicated by geopolitical tensions and conflicts, especially in the Middle East, which has resulted in other challenges such as illegal immigration and the displacement of populations,' he said. Madbouly said that Egypt believes in the need to strengthen the multilateral system, with the United Nations at its core, and highlighted several priorities for the BRICS group. He noted that the development finance gap for developing countries has exceeded $4 trillion annually and stressed the role of the BRICS New Development Bank (NDB) in providing concessional financing, particularly in local currencies. The prime minister also emphasised the important role of the private sector and the need to enhance links between businesses in BRICS countries and partner nations to implement joint projects in energy, manufacturing, and agriculture. On technology, Madbouly said Egypt welcomed the Brazilian presidency's efforts in drafting the 'BRICS Leaders' Declaration on Global Governance of Artificial Intelligence,' calling it a solid foundation for cooperation. He said BRICS nations need to formulate an effective roadmap for knowledge and technology transfer, as well as capacity building in advanced and emerging technologies, especially AI. In his closing remarks, the prime minister reiterated Egypt's full commitment to enhancing joint cooperation with BRICS member states to achieve their common goals.
