Latest news with #MOPEDIC
Al-Ahram Weekly
04-03-2025
- Business
- Al-Ahram Weekly
Egypt real GDP growth projected to reach 4% in FY24/25, 4.5% in FY25/26: Minister Al-Mashat - Economy
Egypt's real GDP growth is projected to reach four percent by the end of FY2024/2025, which ends in June, and to reach 4.5 percent in FY2025/2026, which starts in July, Minister of Planning, Economic Development and International Cooperation (MOPEDIC) Rania Al-Mashat said on Tuesday. Al-Mashat made her comments during a CNN interview with renowned journalist Richard Quest. The interview highlights Egypt's ongoing economic reforms and growth strategies amid global uncertainty and protectionist trade policies. She noted that the Egyptian economy has become more stable and predictable, positioning itself as a competitive regional export hub for Europe. "We have a vision to shift from non-tradable sectors to tradable sectors, enhancing the global competitiveness of Egyptian products,' she stated. This outlook is underpinned by the government's commitment to structural reforms ensuring sustainable economic stability, Al-Mashat explained. She pointed out that regional integration is a cornerstone for growth and investment, and establishing joint economic committees with countries like Jordan and Iraq fostered economic cooperation. Strategic initiatives, such as the electricity interconnection project between Egypt and Saudi Arabia, are also pivotal in integrating energy networks across the Gulf region. Al-Mashat said that Egypt's robust industrial base, which includes essential products such as cement, steel, plastics, and processed foods, supports value chains and bolsters the country's export capabilities. The minister reaffirmed the government's dedication to fostering private-sector-led development through continuous structural reforms to create an attractive environment for local and international investments, ensuring that Egypt remains on a path toward sustainable economic growth. Egypt currently engages in an Extended Fund Facility (EFF) loan programme with the International Monetary Fund (IMF) worth $8 billion, which supports the second wave of structural and economic reforms till September 2026. The IMF's Executive Board scheduled the fourth review of Egypt's EFF programme for Monday 10 March. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
03-03-2025
- Business
- Al-Ahram Weekly
Egypt secures €90 mln from EIB to bolster food resilience - Economy
Egypt secured a €90 million concessional loan from the European Investment Bank (EIB) on Monday for the Emergency Food Security and Resilience Support Project to install new wheat silos and reduce bread costs for citizens. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation (MOPEDIC); Sherif Farouk, Minister of Supply and Internal Trade (MSIT); and Dubravka Suica, European Union (EU) Commissioner for Mediterranean Affairs, on behalf of the EIB, signed a €90 million development financing agreement for the Food Resilience Project in Egypt, according to a MOPEDIC statement on Monday. The ministers highlighted that the Emergency Food Security and Resilience Support Project, which is set to receive a €100 million grant from the European Union and a concessional financing of €110 million from the World Bank, complements ongoing efforts to ensure Egypt's long-term food security and maintain its standing as a regional grain hub. Al-Mashat explained that this agreement is aligned with the efforts made with multilateral and bilateral development partners to strengthen Egypt's position as a regional logistical centre for storing and trading grains. The funding is part of a broader cooperation protocol between Egypt and the EU. This includes a strategic partnership to enhance political, economic, and developmental ties, focusing on sustainable development and private-sector involvement. Within this partnership, the EU committed a €7.4 billion financing package for Egypt and will support the Egyptian economy from 2025 to 2027. 'This investment enhances food resilience in Egypt through the sustainability of supply chains,' stated EIB Vice President Gelsomina Figlioti. 'The new silos and improved logistics will help reduce food losses, strengthen food security, and improve the affordability of bread for millions of Egyptians.' Figlioti added that the EIB investment will also reduce bread costs for millions of Egyptians. Meanwhile, EU Ambassador 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 strengthen its food security, [and] this project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable groups.' About the Emergency Food Security and Resilience Support Project The Emergency Food Security and Resilience Support Project was launched to increase and modernize grain storage and logistics infrastructure in the country, supported by the National Silos Project, including the General Authority for Supply Commodities (GASC) purchasing imported wheat from international markets for milling purposes. The National Silos Project began in 2015 on 20,000 square metres per silo, using state-of-the-art technology. This involves installing a truck scale to weigh wheat bags loaded in cars. The scale is operated through a control room that enables the system to produce the required quantities of wheat without waste. In June 2022, the World Bank approved a $500 million loan to support Egypt's Emergency Food Security and Resilience Support Project. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7 million, to develop the storage capacities of wheat silos in Egypt and build additional capacities. In this context, in 2021, the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid, funded by development partners. The Emergency Food Security and Resilience Support Project is meant to support national efforts to reduce waste in the wheat supply chain through the upgrade and expansion of climate-resilient wheat silos, sustainably improve domestic cereal production, and strengthen Egypt's preparedness and resilience to future shocks. Egypt's wheat storage capacity currently stands at 4.5 million tons, according to the Ministry of Agriculture. Egypt is the world's largest wheat importer and consumes 18 million tons of the grain per year. In 2023, wheat imports increased by over 14.5 percent to 11 million tons, up from 9.6 million tons in 2022, according to Deputy Minister of Supply and Internal Trade Ibrahim Ashmawy. Follow us on: Facebook Instagram Whatsapp Short link:
