Latest news with #NationalStructuralReformProgram
See - Sada Elbalad
15-05-2025
- Business
- See - Sada Elbalad
Al-Mashat: EBRD Forecast Reflects Confidence in Egypt's Reform Agenda
H-Tayea The European Bank for Reconstruction and Development (EBRD) has projected continued positive growth for Egypt's economy, according to its latest Regional Economic Prospects report released during the Bank's annual meetings held in the United Kingdom. The forecast reflects optimism regarding Egypt's economic outlook, driven by recovery in non-oil sectors and the ongoing implementation of structural reforms. Egypt's Minister of Planning, Economic Development, and International Cooperation, Dr. Rania Al-Mashat, who also serves as Egypt's Governor at the EBRD, participated in the meetings and welcomed the report's findings. The EBRD expects Egypt's economy to grow to 3.8% by the end of FY 2024/25, and to 4.4% in FY 2025/26, with growth supported by improved performance in manufacturing, transportation, and trade. On a calendar-year basis, growth is projected to reach 4% in 2025 and 4.5% in 2026. The report noted that Egypt saw year-on-year growth of 3.9% in the first half of FY 2024/25, a notable increase from 2.4% in the same period last year, as foreign exchange shortages eased after March 2024. While the oil and gas sector showed a decline, the government is actively addressing challenges by settling arrears to international energy firms. The EBRD emphasized that Egypt's economic outlook remains closely tied to the pace and consistency of structural reforms—particularly those reducing the state's footprint in the economy and lowering public debt and debt service costs. However, it also cautioned that global uncertainties, including shifting trade policies, still pose external risks. Dr. Al-Mashat commented that the positive projections validate Egypt's reform trajectory. She highlighted that Egypt's GDP growth rose from 3.5% to 4.3% between the first and second quarters of the current fiscal year, with expectations to reach 4% by the end of the year. She reaffirmed the government's commitment to macroeconomic stability, fiscal discipline, and expanding the National Structural Reform Program, which focuses on enhancing the investment climate and enabling greater private sector participation—particularly in export-oriented sectors. The report also showed signs of macroeconomic stabilization, with inflation falling to 12.8% in February 2025, its lowest level since March 2022. The Central Bank's monetary tightening is expected to further ease inflationary pressures in the coming period. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Egypt Today
15-05-2025
- Business
- Egypt Today
Planning Minister Highlights Egypt's Strong Growth Prospects in EBRD Report
CAIRO – 15 May 2025: During the European Bank for Reconstruction and Development (EBRD) Annual Meetings in the United Kingdom, Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation and the country's Governor at the EBRD, underscored the positive economic growth forecasts as evidence of the success of Egypt's ongoing economic and structural reforms. The EBRD's latest report projects Egypt's GDP growth to reach 3.8 percent by the end of the current fiscal year and 4.4 percent in fiscal year 2025/2026. On a calendar year basis, growth is expected to be 4.0 percent in 2025 and 4.5 percent in 2026. The report highlights strong expansion in key sectors such as manufacturing, transportation, and wholesale and retail trade, which helped drive growth up to 3.9 percent year-on-year in the first half of fiscal year 2025 (July–December 2024), compared to 2.4 percent the previous year. Al-Mashat emphasized that this positive outlook reflects the effectiveness of Egypt's reform policies despite global economic challenges. The government's efforts have led to a marked improvement in growth rates, with GDP rising from 3.5 percent to 4.3 percent during the first two quarters of the current fiscal year. Growth is expected to maintain around 4 percent for the rest of the year. The Minister highlighted the government's dedication to strengthening macroeconomic stability and fiscal consolidation, alongside ongoing implementation of the National Structural Reform Program. This program aims to support sustainable growth by improving the investment climate, encouraging private sector participation, and focusing on growth in tradable and export-oriented industries. In conclusion, Al-Mashat pointed to the government's strategic focus on export-driven growth, emphasizing measures to boost investment, promote industrial localization, streamline investment procedures, and shorten customs clearance times. These efforts aim to achieve inclusive, sustainable economic development that generates jobs and improves living standards.
See - Sada Elbalad
10-05-2025
- Business
- See - Sada Elbalad
Egypt and Switzerland Launch Joint Economic Committee to Boost Bilateral Ties
H-Tayea The Ministry of Planning, Economic Development and International Cooperation chaired the first meeting of the Egyptian-Swiss Joint Economic Committee in Bern, Switzerland, marking a significant step forward in the two countries' economic, trade, and investment partnership. This meeting followed the agreement signed earlier this year at the World Economic Forum in Davos between Minister Dr. Rania Al-Mashat and Swiss State Secretary for Economic Affairs, H.E. Helene Budliger. Held at the technical level, the meeting brought together representatives from Egypt's Ministries of Foreign Affairs, Finance, Investment and Foreign Trade, Labor, the Central Bank of Egypt, as well as private sector companies and business community leaders from both countries. It provided a platform to advance bilateral cooperation and reinforce private sector engagement. Dr. Rania Al-Mashat emphasized that the Egyptian-Swiss Joint Economic Committee reflects both nations' mutual commitment to strengthening economic relations, exploring new investment opportunities, addressing trade challenges, and modernizing existing agreements to better serve evolving economic needs. She described the committee as a vital mechanism to deepen bilateral collaboration and facilitate access to new markets. The Egyptian side highlighted the country's ongoing reforms under the National Structural Reform Program, aimed at enhancing macroeconomic stability, ensuring predictable fiscal and monetary policies, and fostering a competitive and investor-friendly business environment. Special attention was given to Egypt's successful fourth review under its IMF-supported program, its growing trade profile under the African Continental Free Trade Agreement and the European Free Trade Agreement, and its strategic trade positioning. Switzerland is currently Egypt's largest trading partner in Africa, with more than 100 Swiss companies operating in key sectors including pharmaceuticals, logistics, food and beverage. Bilateral trade is thriving, with Swiss exports to Egypt exceeding $1 billion in 2023 and Egyptian exports to Switzerland reaching $470 million. Additionally, over 82,000 Swiss tourists visited Egypt last year, reflecting growing people-to-people ties. The Committee also discussed future coordination under the new 2025–2028 Swiss cooperation program in Egypt. Three key meetings took place: one with the Swiss Agency for Development and Cooperation to finalize cooperation priorities; another with the Swiss-African Business Chamber to discuss Egypt's potential as a gateway for Swiss-African collaboration; and a third with Swiss Re, focused on advancing risk management and agricultural cooperation. The Egyptian delegation reaffirmed Egypt's commitment to enhancing private sector involvement, expanding investment opportunities, and implementing the State Ownership Policy Document to promote fair competition and economic sustainability. Both sides agreed to continue close coordination, align efforts with Egypt's Vision 2030, and prioritize joint investments in human capital and sustainable development. With over 45 years of bilateral cooperation, the evolving Egyptian-Swiss partnership stands as a model for productive international collaboration in trade, investment, and development. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Egypt Today
03-04-2025
- Business
- Egypt Today
EU Approves €4 Billion in Financial Aid to Egypt, Strengthening Strategic Partnership
CAIRO – 3 April 2025: In a significant show of support, the European Parliament has approved the disbursement of the second tranche of the European Union's macro-financial assistance package to Egypt, totaling €4 billion. This installment is part of a broader €5 billion financial aid framework, with the first €1 billion having been transferred to the Egyptian government in December 2024. The funding is closely aligned with Egypt's National Structural Reform Program, which prioritizes three core objectives: sustaining macroeconomic stability, enhancing the business climate to empower the private sector, and accelerating the country's green transition. Egypt welcomed the European Parliament's endorsement, expressing deep appreciation for the wide backing the decision received during the first reading in Tuesday's plenary session. The vote saw strong cross-party consensus, with 452 members voting in favor. Cairo interpreted this overwhelming support as a clear reflection of the EU's commitment to its strategic and comprehensive partnership with Egypt. This partnership was formalized in March 2024 through an agreement signed by President Abdel Fattah El-Sisi and European Commission President Ursula von der Leyen, and further reinforced by the first Egypt-EU Investment Conference held in Cairo in June 2024.
Daily News Egypt
28-01-2025
- Business
- Daily News Egypt
Ministerial group finalizes Egypt's startup charter
Egypt's government plans to bolster its startup sector with a new financial package and a unified definition of startups, officials announced following a recent meeting. The Ministerial Group for Entrepreneurship, chaired by Planning Minister Rania Al-Mashat, concluded its third meeting at the Ministry's headquarters in the New Administrative Capital. The group, established by Prime Minister's decree, aims to strengthen the startup ecosystem to fuel sustainable economic growth and create jobs. The meeting produced a proposed financial package and a unified definition of startups, both key components of a forthcoming 'Startup Charter.' The charter, currently under development, is intended to serve as a roadmap for investors and startups alike, according to Al-Mashat. 'The working groups have held intensive meetings over the past period to discuss various proposals and recommendations from stakeholders in the sector, including startups and investors,' Al-Mashat said. 'The discussions and recommendations will be reflected in the Startup Charter, which is currently being finalized to become a clear roadmap to enhance investor confidence in the opportunities available for startups in Egypt and support their rapid and sustainable growth.' Al-Mashat highlighted that the implementation of these recommendations aligns with the government's National Structural Reform Program, focusing on private sector empowerment and a business-friendly environment. She underscored the government's dedication to supporting startups, citing their pivotal role in future economic development, particularly given the rise of AI and emerging technologies. 'The government's commitment to supporting the entrepreneurship sector, particularly startups, is due to its crucial role in shaping the future economy in many countries, especially with the rise of emerging technologies and the revolution in AI-based services and products, which have an impact across all areas of development,' Al-Mashat said. She added that Egypt, with its large market, young population, skilled workforce, and competitive costs, is well-positioned to become a regional startup hub. The meeting was attended by a range of high-level officials, including Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Ayman Ashour, Minister of Higher Education and Scientific Research; Hassan El-Khatib, Minister of Investment and Foreign Trade; Sherif Farouk, Minister of Supply and Internal Trade; Mohamed Farid, Chairperson of the Financial Regulatory Authority. It was also attended by Mai Abu El-Naga, Deputy Governor of the Central Bank of Egypt; Basel Rahmi, Head of the Micro, Small, and Medium Enterprises Development Agency; Hossam Heiba, Head of the General Authority for Investment and Free Zones; Osama El-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center; Jehan Saleh, Economic Advisor to the Prime Minister; Hossam Osman, Deputy Minister of Higher Education and Scientific Research; Amr El-Abd, Entrepreneurship Advisor to the Prime Minister; Ahmed El-Zaher, CEO of the Information Technology Industry Development Agency; Hany Ayad, CEO of the Innovation Support Fund; and Tamer Taha, Advisor to the Minister of Planning, Economic Development, and International Cooperation for Innovation and Entrepreneurship and Head of the Private Sector Participation Unit; and Ater Hanoura, Head of the Public-Private Partnership Unit at the Ministry of Finance.
