Latest news with #EconomicandSocialDevelopmentPlan
Zawya
20-04-2025
- Business
- Zawya
Egypt: Minister of Planning, Economic Development and International Cooperation Holds an Expanded Meeting with Ministry Leaders to Follow Up on Workflow and Discuss Priorities for the Next Phase
Following the completion of the preparation of the Economic and Social Development Plan for the upcoming fiscal year 2025/2026, and the presentation of the plan statement before the House of Representatives, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held an expanded meeting with the Ministry's leaders, from various departments and relevant entities, to follow up on the workflow and discuss the priorities for the next phase. At the beginning of the meeting, H.E. Dr. Rania Al-Mashat expressed gratitude to all departments within the Ministry for the efforts during the past period, which were characterized by intensive and diligent work that contributed to the completion and launch of several reports and public platforms, including the Ministry's Annual Report for 2024, Egypt's Integrated National Financing for Development Strategy, the 2nd Progress Report of the Country Platform for the "NWFE" program, the Monitoring and Evaluation Manual with the United Nations, as well as the second phase of the "HAFIZ" Hub for Advisory, Finance and Investment for Enterprises, reports on localizing Sustainable Development Goals, and Citizen Budget Plans. The Minister of Planning, Economic Development and International Cooperation emphasized that, in addition to the recent efforts, the coming period requires us to exert more effort and continuous work in light of the implementation of the government's program priorities and Egypt's Vision 2030, to consolidate macroeconomic stability, preserve development gains, and advance Egypt's development path amidst successive regional challenges and international repercussions. H.E. Minister Al-Mashat stressed the critical stage that the Egyptian economy is going through, and that despite the ongoing challenges, the economic and structural reform measures, that were implemented starting March 2024, have improved the Egyptian economy's ability to withstand and adapt to changes, and even move forward in reaping the benefits of development. H.E. Dr. Al-Mashat gave directives to immediately commence discussions with ministries and relevant entities to begin preparing the medium-term economic and social development plan, starting from the fiscal year 2026/2027, which is scheduled to be the first medium-term plan in accordance with the Unified Planning Law. It will be implemented in consultation, coordination, and cooperation with all ministries, public bodies, governorates, the private sector, and civil society, affirming the participatory approach that the state follows in development efforts, and within the framework of commitment to the implementation of the Public Planning Law No. 18 of 2022, and the Unified Public Finance Law No. (6) of 2022. H.E. Minister Al-Mashat pointed out that the Ministry continues its pivotal role in implementing the national program for structural reforms in order to empower the private sector and create space for more local and foreign investments to achieve sustainable economic growth. She also pointed to directing all aspects of support to the Ministry's digital transformation efforts for enhancing the optimal use of data and information in formulating evidence-based policies. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Egypt Today
16-04-2025
- Business
- Egypt Today
Egypt to Invest LE 13 Billion in ICT Sector as Part of 2025/2026 Development Plan
CAIRO - 16 April 2025: Minister of Planning, Economic Development, and International Cooperation, Dr. Rania Al-Mashat, announced that Egypt will allocate LE 13 billion in public investments to the Information and Communications Technology (ICT) sector under the 2025/2026 development plan. Of this amount, LE 9 billion will be funded through the state budget. The announcement came during her address to the House of Representatives, where she outlined the strategic objectives for the ICT sector as part of the broader Economic and Social Development Plan for FY2025/2026. This marks the first year of Egypt's medium-term strategy for national development, covering the period from 2025/2026 to 2028/2029. Al-Mashat emphasized the ICT sector's crucial role in driving sustainable development. She noted that it supports key decisions related to investment, production, and employment by providing up-to-date knowledge and digital infrastructure. The sector's dynamic nature and strong growth potential have allowed it to sustain an annual growth rate of no less than 15 percent, making it one of the fastest-growing sectors in the Egyptian economy. She also reaffirmed the government's commitment to enhancing ICT infrastructure through ongoing and future projects. These include the creation of a secure, closed government network, upgrading connectivity across public institutions, and expanding digital transformation efforts nationwide. Highlighted initiatives under this strategy include the rollout of the universal health insurance system, further development of the national 'Digital Egypt' services platform, modernization of the country's data infrastructure and digital content, and full automation of services such as social welfare programs, passport and visa issuance, property tax records, and agricultural land registration. In terms of measurable goals, the 2025/2026 plan aims to increase the share of citizens using digital government services to 31 percent. It also sets a target to establish innovation hubs in 60 percent of Egypt's governorates and to boost the number of mobile network towers to around 40,000. Additionally, over 600,000 people are expected to receive training in ICT-related fields, while Egypt's annual digital exports are forecasted to reach $8.5 billion—of which $6 billion will come from outsourcing services.
Egypt Today
15-04-2025
- Business
- Egypt Today
Egypt Sets LE 3.5 Trillion Investment Target for FY2025/2026
Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat, reported a clear upswing in Egypt's economic performance during the first half of the current fiscal year, with GDP growth accelerating from 3.5 percent in Q1 to 4.3 percent in Q2. During her address to the House of Representatives, she added that growth projections for Q3 and Q4 stand at 4.1 percent and 4.2 percent respectively, bringing the expected annual growth rate to 4 percent. Presenting the main goals of Egypt's Economic and Social Development Plan for FY2025/2026—part of the national medium-term strategy (2025/2026–2028/2029)—Al-Mashat pointed to several key indicators of recovery. These include a rise in tourism revenues to $4.8 billion in Q1 of FY2024/2025, up from $4.5 billion in the same quarter a year earlier. The decline in Suez Canal revenues also showed signs of easing, with the drop narrowing from 63 percent in October 2024 to 23.8 percent by February 2025. In parallel, Egypt's foreign reserves saw a strong year-on-year increase of 34 percent, reaching $47.4 billion by the end of February 2025, up from $35.3 billion in February 2024. Inflation has also continued on a downward trajectory, supported by base-year effects. Al-Mashat highlighted the government's ongoing commitment to aligning domestic energy prices with international market trends and production costs. Another strong indicator came from remittances by Egyptians abroad, which jumped to $17.1 billion in the first half of FY2024/2025—up from $9.4 billion the year before. Moreover, Egypt recorded a dramatic rise in foreign direct investment (FDI), surging from $10 billion in FY2023/2024 to $46.1 billion in FY2024/2025. Looking ahead, Egypt aims to achieve 4.5 percent GDP growth in FY2025/2026, a marked improvement from the 2.4 percent growth recorded in FY2023/2024, which was hindered by global and regional economic challenges. Al-Mashat emphasized, however, the need to remain vigilant in the face of ongoing geopolitical risks that could impact the outlook. Egypt's GDP is projected to reach LE 9.1 trillion at constant prices and LE 20.4 trillion at current prices in FY2025/2026, up from an estimated LE 17.3 trillion in FY2024/2025—an increase of 18 percent. This growth is expected to be driven by a balanced contribution from final consumption (27 percent), investment (37 percent), and net exports (36 percent). Sectors expected to fuel this growth include wholesale and retail trade, agriculture, manufacturing, real estate, transportation, and social services—given their large share of GDP and growing economic activity. On the investment front, Al-Mashat announced a record-setting LE 3.5 trillion in planned investments for FY2025/2026, up from LE 2.6 trillion projected for the current fiscal year and LE 1.8 trillion in actual investments for FY2023/2024. The investment-to-GDP ratio is forecast to reach 17.1 percent, up from 15 percent in FY2024/2025 and 13 percent in FY2023/2024. Private sector investment is expected to play a leading role, contributing LE 1.94 trillion, or 62.7 percent of total investments, compared to 37.3 percent from the public sector—reflecting the government's drive to empower private enterprise, ensure competitive neutrality, and enhance governance. Public sector investments are projected at LE 1.16 trillion in FY2025/2026, up from LE 1 trillion expected this year. The distribution includes 37.6 percent by government agencies, 43.3 percent by public economic authorities, and 19.1 percent allocated to governorate-level investments. Al-Mashat emphasized that these allocations are aligned with the state's fiscal responsibility goals, aiming to reduce debt burdens and open space for increased private sector participation in national development.
Zawya
04-03-2025
- Business
- Zawya
Egypt, EU sign funding deal for food security
Egypt and the European Commission have signed a €90m concessional funding agreement to strengthen their strategic partnership in the field of food security. The agreement, signed by the Minister of Planning, Economic Development and International Cooperation, Rania Al Mashat, the Minister of Supply and Internal Trade, Sherif Farouk, and the EU Commissioner for Mediterranean Affairs, Dubravka Šuica, on behalf of the European Investment Bank (EIB), will provide development financing for the Food Resilience Project in Egypt. The financing will be provided by the EIB for the General Authority for Supply Commodities (GASC). The project aims to increase and modernise grain storage and logistics infrastructure in Egypt, supported by the National Silos Project. This includes the General Authority for Supply Commodities' (GASC) purchasing imported wheat from international markets for milling purposes. The project will also be funded by a €100m grant from the European Union and concessional financing of €110m from the World Bank. Al Mashat said that food security is one of the government's main priorities in order to secure the state's strategic needs and hedge against global fluctuations and geopolitical tensions that affect supply chains. She added that the Ministry of Planning, Economic Development, and International Cooperation is working to strengthen international partnerships to support the national silos project, alongside continuing efforts to increase the percentage of self-sufficiency in crops through the targets of the Economic and Social Development Plan. Al Mashat explained that the agreement 'is a continuation of the efforts made with multilateral and bilateral development partners to strengthen Egypt's regional and international position as a logistical center for storing and trading grains.' She noted that a number of agreements were signed earlier with the World Bank and the African Development Bank to support food security efforts in Egypt. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7m, to develop the storage capacities of wheat silos in Egypt and build additional capacities. She also mentioned that the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid in 2021, funded by development partners. Farouk said that the signing of the Food Resilience Project protocol 'represents a strategic step towards enhancing food security in Egypt, as it contributes to the development and modernisation of grain storage infrastructure and associated logistics.' The Minister of Supply and Internal Trade stated that this concessional financing, supported by the European Investment Bank, will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently, and complements the ongoing efforts within the national silos project. European Investment Bank Vice President Gelsomina Vigliotti said, 'This investment tackles a key bottleneck for more efficient and resilient food supply in Egypt.' She added, 'The new silos and improved logistics will help reduce food losses, strengthen food security and improve affordability of bread for millions of Egyptians.' EU Ambassador-Designate and Head of the EU Delegation to Egypt Angelina Eichhorst said, 'This investment reflects the EU's strong commitment to supporting Egypt's efforts to enhance its food security.' She added, 'This project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable.'
Daily News Egypt
03-03-2025
- Business
- Daily News Egypt
Egypt, EU sgn €90m funding deal for food security
Egypt and the European Commission have signed a €90m concessional funding agreement to strengthen their strategic partnership in the field of food security. The agreement, signed by the Minister of Planning, Economic Development and International Cooperation, Rania Al Mashat, the Minister of Supply and Internal Trade, Sherif Farouk, and the EU Commissioner for Mediterranean Affairs, Dubravka Šuica, on behalf of the European Investment Bank (EIB), will provide development financing for the Food Resilience Project in Egypt. The financing will be provided by the EIB for the General Authority for Supply Commodities (GASC). The project aims to increase and modernise grain storage and logistics infrastructure in Egypt, supported by the National Silos Project. This includes the General Authority for Supply Commodities' (GASC) purchasing imported wheat from international markets for milling purposes. The project will also be funded by a €100m grant from the European Union and concessional financing of €110m from the World Bank. Al Mashat said that food security is one of the government's main priorities in order to secure the state's strategic needs and hedge against global fluctuations and geopolitical tensions that affect supply chains. She added that the Ministry of Planning, Economic Development, and International Cooperation is working to strengthen international partnerships to support the national silos project, alongside continuing efforts to increase the percentage of self-sufficiency in crops through the targets of the Economic and Social Development Plan. Al Mashat explained that the agreement 'is a continuation of the efforts made with multilateral and bilateral development partners to strengthen Egypt's regional and international position as a logistical center for storing and trading grains.' She noted that a number of agreements were signed earlier with the World Bank and the African Development Bank to support food security efforts in Egypt. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7m, to develop the storage capacities of wheat silos in Egypt and build additional capacities. She also mentioned that the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid in 2021, funded by development partners. Farouk said that the signing of the Food Resilience Project protocol 'represents a strategic step towards enhancing food security in Egypt, as it contributes to the development and modernisation of grain storage infrastructure and associated logistics.' The Minister of Supply and Internal Trade stated that this concessional financing, supported by the European Investment Bank, will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently, and complements the ongoing efforts within the national silos project. European Investment Bank Vice President Gelsomina Vigliotti said, 'This investment tackles a key bottleneck for more efficient and resilient food supply in Egypt.' She added, 'The new silos and improved logistics will help reduce food losses, strengthen food security and improve affordability of bread for millions of Egyptians.' EU Ambassador-Designate and Head of the EU Delegation to Egypt Angelina Eichhorst said, 'This investment reflects the EU's strong commitment to supporting Egypt's efforts to enhance its food security.' She added, 'This project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable.'
