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Zawya
2 days ago
- Business
- Zawya
Minister of Planning, Economic Development, and International Cooperation delivers Egypt's address at the roundtable on 'Revitalizing international development cooperation'
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered Egypt's speech at the multilateral roundtable titled 'Revitalizing international development cooperation', on behalf of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, during the 4th International Conference on Financing for Development held in Spain from June 29 to July 3, 2025. Dr. Rania Al-Mashat explained that the current period is witnessing a significant decline in progress toward achieving the Sustainable Development Goals, due to escalating geopolitical tensions and multiple ongoing crises, which has resulted in successive negative impacts, especially on developing and least developed countries, which bear the heaviest burden of the global debt crisis leading to a widening and deepening gap between developed and developing countries day by day. H.E. added that the 4th International Conference on Financing for Development represents an important opportunity to reaffirm the existence of genuine political will to address the situation and to discuss effective proposals that would enhance concessional financing, support existing financial mechanisms, including Special Drawing Rights (SDRs), as well as develop new mechanisms to mobilize the required financing. The Minister of Planning, Economic Development and International Cooperation pointed out that among these mechanisms, development-linked debt instruments are an example of financial instruments that can contribute to stimulate funding linked to development priorities, affirming the importance of donor countries' commitment to their pledges to developing countries, adding that the challenges faced by developing countries are also beginning to affect many middle-income countries, which face the risk of undermine the progress they have achieved due to the worsening global debt situation. Al-Mashat emphasized the need to focus on priority sectors, such as health and education, while making concerted efforts to alleviate debt burdens, which can be achieved by implementing sustainable mechanisms that contribute to supporting developing countries in a integrated manner. In conclusion of her speech, H.E. stated that the conversation should not be limited to increasing the volume of financing alone, but should also focus on capacity building of countries, so that they are able to work effectively to achieve their national priorities and implementing their development strategies independently and sustainably, expressing her hope that the conference would come out with concrete recommendations capable of making a real, positive impact in advancing the 2030 Sustainable Development Agenda. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
3 days ago
- Business
- Zawya
Egypt's non-oil manufacturing sector records 16% growth in Q3 FY2024/25
Arab Finance: The non-oil manufacturing sector maintained its solid growth for the fourth consecutive quarter, hitting 16% during the third quarter (Q3) of fiscal year (FY) 2024/2025, as per a statement by the Minister of Planning, Economic Development, and International Cooperation. This marks a surge when compared to the 4% drop recorded in the same period of FY 2023/2024. The sector was the largest contributor to the country's quarterly gross domestic product (GDP) growth, adding 1.9 percentage points to the overall rate. The strong performance supports the government's efforts to expand investment in the industrial sector and provide targeted incentives to boost industrial activity. The non-oil manufacturing growth was also backed by a remarkable improvement in industrial export performance, as exports of finished goods recorded an annual increase of 12.7% in Q3 FY2024/2025. Likewise, the ready-made garments sector registered a year-on-year (YoY) growth exceeding 23.7% during the same period, reflecting the sector's resilience and its ability to meet global demand. On the expenditure side, the net exports contributed approximately 2.7 percentage points to Egypt's overall GDP growth, driven by strong expansion in both goods and services exports Total exports hiked by 54.4%, while the imports increased by 18.7%.
Zawya
4 days ago
- Business
- Zawya
Egypt's GDP growth rate accelerates to 3-year high
Egypt's real gross domestic product (GDP) growth accelerated to 4.77% in the third quarter (Q3) of fiscal year (FY) 2024/2025, up from 2.2% in Q3 of FY23/24. Minister of Planning, Economic Development, and International Cooperation Rania El-Mashat highlighted that the growth rate is the highest quarterly rate in three years. This pushed average growth for the first nine months (9M) of FY 24/25 to 4.2%, compared to 2.4% during the same period in the previous FY. El-Mashat attributed the robust performance to the continued implementation of the reform agenda in line with the National Structural Reform Program. The initiative aims at maintaining macroeconomic stability, enhancing the governance of public investment, promoting economic competitiveness, and boosting private sector participation. Additionally, private investment increased by 24.2% year-on-year (YoY) in Q3 of FY24/25, exceeding public investment for the third consecutive quarter and accounting for 62.8% of total implemented investments (excluding inventory). Non-oil manufacturing sector witnessed positive growth for the fourth consecutive quarter, hitting 16% during Q3 of FY24/25, marking a rebound from the contraction of around 4% recorded in the same period of the previous fiscal year. On the other hand, the Suez Canal's business fell by 23.1%, compared to a sharper contraction of 51.6% in Q3 of FY23/24, which marked the onset of reduced vessel traffic due to escalating geopolitical tensions. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
