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Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Al-Sisi reviews unified investment strategy to boost FDI, industrial growth
Egypt's President Abdel Fattah Al-Sisi convened a high-level meeting on Sunday to review progress on Egypt's unified national investment strategy, which aims to enhance the country's economic competitiveness and attract increased foreign direct investment (FDI). According to a presidential statement, the meeting was attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir, Minister of Planning and Economic Development Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan El-Khatib. The president was briefed on ongoing measures to streamline investment procedures, including the development of a one-stop digital platform for licensing, the reduction of non-tax burdens on investors, and broader structural reforms. The strategy emphasizes transparent and stable policy frameworks, investor-friendly fiscal incentives, open trade policies, and reliable energy access for industrial operations. President Al-Sisi emphasized the need to sustain momentum in enhancing the investment climate and reaffirmed Egypt's ambition to become a regional hub for FDI in line with national development goals. The meeting also included an update on the activities of The Sovereign Fund of Egypt, particularly efforts to unlock value from state-owned assets and strengthen public-private partnerships. The president instructed officials to pursue innovative strategies for maximizing returns on national assets. Officials reviewed trends in Egypt's non-oil exports from 2003 to 2024 and discussed strategies to diversify export markets and improve the global competitiveness of Egyptian products. Infrastructure projects supporting export growth were also examined. Further discussions addressed Egypt's strategic goal of becoming a global logistics and transit trade hub. Updates were provided on a planned dry bulk terminal at Abu Qir Port and a proposed logistics station for iron and billet handling in the Adabiya area—initiatives aimed at supporting the growth of Egypt's iron and steel sector. The meeting also reviewed progress in reforming and enhancing the performance of key economic authorities, as well as the broader national structural reform agenda. Officials briefed the president on ongoing cooperation with the European Union under the macro-financial assistance agreement, designed to support Egypt's public finances. Finally, the president reviewed a draft of the country's forthcoming 'National Economic Development Narrative'—a strategic framework centered on enabling private sector-led growth, strengthening industry and exports, and implementing reforms to stabilize Egypt's macroeconomic and fiscal outlook. Al-Sisi called for the swift finalization of the strategy, highlighting its importance in charting Egypt's future development path and attracting global investment.
Barnama
23-04-2025
- Business
- Barnama
Uganda Showcases Investment Potential At Business Forum & Expo
KUALA LUMPUR, April 23 -- In a bid to position itself as a strategic investment destination in East Africa, Uganda has rolled out the red carpet for Malaysian investors at the Pearl of Africa Business Forum and Expo 2025. Uganda's Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, said the nation is keen to leverage Malaysia's renowned expertise in mineral extraction, oil and gas development, and palm oil production. 'We are here with a delegation to secure opportunities to work together with the people of Malaysia. bootstrap slideshow 'We want to share what Uganda can offer in terms of natural resources, and we hope to build lasting partnerships in the energy and mineral sectors,' she said during a press conference on Wednesday. The two-day forum, which began on Wednesday, was officiated by Uganda's Minister of Finance, Planning and Economic Development, Matia Kasaija. Also present were Nankabirwa and the Minister of State for Animal Industry, Lt. Col (Rtd) Bright Rwamirama. The ministers are also scheduled to hold bilateral discussions and meetings with local technocrats during the business forum. On tourism, Nankabirwa emphasised the importance of strengthening the sector and fostering people-to-people relations between Uganda and Malaysia. She encouraged Malaysians to discover Uganda as a vibrant and diverse travel destination, highlighting the country's rich cultural heritage, natural landscapes, and wildlife. Uganda's High Commissioner to Malaysia, Dr Betty Oyella Bigombe, highlighted that the forum is the first of its kind to be hosted in Malaysia by an East African country, reflecting Uganda's commitment to deepening economic partnerships across Asia.
Egypt Today
22-04-2025
- Business
- Egypt Today
IMF upgrades Egypt's growth forecast amid regional downturn
Cairo – April 22, 2025: Egypt's economic prospects have received a slight boost from the International Monetary Fund, which raised its growth projections for the country over the next two years, even as it downgraded expectations for the wider Middle East and North Africa (MENA) region. In its newly released World Economic Outlook, the IMF adjusted Egypt's real GDP growth forecast upward by 0.2 percentage points for both 2024 and 2025. The revised estimates suggest Egypt's economy will expand by 2.4 percent this year, followed by growth of 3.8 percent in 2025 and 4.3 percent in 2026. The report did not provide a clear rationale for the improved outlook, but the IMF is expected to delve into in its upcoming regional report. Meanwhile, Egypt's government has struck a more confident tone. Earlier in April, Minister of Planning and Economic Development Rania Al-Mashat projected that GDP growth would hit 4 percent by the end of the current fiscal year on June 30. She also forecast an acceleration to 4.5 percent in the 2025/2026 fiscal year. Lower revenues from the Suez Canal, a key source of foreign currency, remains a factor after taking a significant hit due to geopolitical disruptions affecting shipping routes in the Red Sea. According to the Ministry of Finance, the canal lost EGP 110 billion (roughly $2.15 billion) in the nine months ending in March. Concerns over fiscal sustainability remain, with Egypt's public debt-to-GDP ratio climbing to 90.9 percent in the fiscal year ending June 2024, as outlined in the IMF's March Article IV consultation. That figure places the country well above the average for emerging markets. On the inflation front, the IMF sees a downward trend ahead. After peaking at 33.3 percent in 2024, inflation in Egypt is projected to slow to 19.7 percent in 2025 and further to 12.5 percent in 2026, offering potential relief to consumers after years of rising prices.
Zawya
16-04-2025
- Business
- Zawya
Egypt allocates $332mln to agriculture, irrigation in FY2025/2026 plan
Arab Finance: The Egyptian government will direct EGP 17.5 billion in public investments toward agriculture and irrigation projects under the fiscal year (FY) 2025/2026 development plan, which also targets $5 billion in agricultural exports, Egypt's Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat announced. Presenting the plan during a plenary session of the House of Representatives, Al-Mashat said the agriculture and irrigation sectors remain a priority in the real economy reforms outlined in the government's work program. The plan will continue expanding agricultural reclamation projects in areas such as Toshka, North and Central Sinai, and the New Delta. It also aims to raise crop productivity per feddan by 5% to 10% through the development of high-yield, early-maturing, and water-efficient crops, as well as modernizing irrigation systems. The area using modern field irrigation systems is set to reach 10%, along with improvements in agricultural drainage and broader use of practices like drip and pivot irrigation. Al-Mashat highlighted plans to expand greenhouse and protected agriculture systems, cut agricultural losses, and strengthen the agricultural extension system. The contract farming system will also be broadened to cover 1.8 million feddans and include more crops such as yellow corn, cotton, and oil seeds like sunflowers and soybeans, in addition to wheat, sugarcane, sugar beets, tomatoes, potatoes, and citrus fruits. Egypt also plans to diversify sources of agricultural imports, especially wheat and corn, and raise storage capacity for wheat to 5.5 million tons. The total cultivated area is expected to surpass 21 million feddans, with specific targets of 52% for wheat, 55% for Syrian corn, and 39% for local beans. Eighteen agricultural clusters will be completed in North and South Sinai, and the farmer's card system will be expanded to cover 80% of holdings. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
10-04-2025
- Business
- Zawya
Payment of Shs13.8 trillion domestic arrears to take 12 years
A report of the Committee on Finance, Planning and Economic Development reveals that it will take government 12 years to clear domestic arrears of over Shs13.8 trillion. The report presented by the Committee's Deputy Chairperson, Hon. Moses Aleper cited the Auditor General who noted that domestic arrears had increased from Shs10.5 trillion in the 2022/2023 financial year. 'The committee observed that government has provided Shs1.1 trillion for domestic arrears for financial year 2025/2026,' Aleper said. 'Whereas this is an improvement from the previous year where only Shs200 billion was provided, even at this rate, it will take government over 12 years to clear all the domestic arrears if no new arrears are accumulated,' he added. The committee recommended that the Minister of Finance provides a comprehensive plan on how to clear domestic arrears in the medium and long term, stating that non-payment of the arrears cripples the private sector and undermines economic growth. Deputy Speaker, Thomas Tayebwa said that whereas there is an increment in funds allocated to clear domestic arrears, more still needs to be done. 'By the time small companies that supply at district level are paid, the money cannot even cover the interest accrued,' he said. Hon. Peter Okot (DP, Tochi County) faulted the Finance Ministry officials saying that they have failed to supervise accounting officers. 'Accounting officers were warned not to commit government where they do not have money. Does this mean that the Finance Ministry has failed in supervising the accounting officers?' he said. Tororo District Woman MP, Hon. Sarah Opendi said government needs to reduce the domestic arrears by 50 per cent warning that, failure to do so will lead to collapse of businesses. 'There must be a deliberate effort to remove wasteful expenditure to tackle the issue of domestic arrears. How are these companies going to employ Ugandans? People get into businesses to sustain themselves and their families and pay taxes,' Opendi said. Hon. Agnes Auma (Indep., Lira District) called on the Ministry of Finance to prioritise release of funds to government entities saying that this leads to accruing of domestic arrears. 'Domestic arrears are becoming a shame to the country and the leaders. These activities are budgeted for; where does the money go? We have to take this as a serious matter and we want the Minister of Finance to commit himself,' she said. The Minister of State for Finance (General Duties), Hon. Henry Musasizi said that the ministry has a plan to clear all verified domestic arrears in three years adding that the increment in allocation of funds to clear the arrears is a good sign. 'Domestic arrears under the former Uganda National Roads Authority have substantially been provided for; they now have about Shs2 trillion,' Musasizi said. He also said that the Shs13.8 trillion figure as reported by the Auditor General needs to be verified. 'Some people have Shs13 trillion, others have Shs10 trillion and there is also a Shs5.7 trillion somewhere. Depending on the audit report you are looking at, the figure keeps changing,' said Musasizi. Distributed by APO Group on behalf of Parliament of the Republic of Uganda.
