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Egypt's external debt drops by $3B during FY2023/2024 The external debt of Egypt's budgetary entities decreased by approximately $3 billion during the fiscal year 2023/2024, according to Finance Minister Ahmed Kouchouk. Speaking during a meeting with members of the Coordination Committee of Party’s Youth Leaders and Politicians in Parliament, Kouchouk highlighted the government’s commitment to comprehensive economic reform aimed at stimulating investment and achieving sustainable growth. The Finance Minister also announced plans to roll out facilitation packages for customs and real estate taxes in the near future, aimed at easing processes for investors and citizens. #egypt #external #debt Read more: https://lnkd.in/eKcNYpWk

Fitch Solutions revises its GDP projections for Egypt in FY2024/2025 from 4.2% Egypt GDP growth forecast for the 2024/2025 fiscal year, lowering it to 3.7 percent from an earlier projection of 4.2 percent. Despite this adjustment, Fitch remains cautiously optimistic about Egypt’s economic outlook. The report points out that the revised growth forecast still exceeds the 2.4 percent growth recorded in the previous fiscal year, reflecting a positive trajectory for the country’s economy. Egypt's economy is on a recovery trajectory, it noted, adding that the pace has been slower than anticipated, partly due to regional geopolitical tensions and trade disruptions in the Red Sea. The downgrade reflects weaker-than-expected economic performance in Q4 of FY2023/2024 and ongoing disruptions in Suez Canal traffic, which have exacerbated the country's financial challenges. #egypt #fitch #gdp #projection Read more: https://lnkd.in/eu6x5s_4

European Commission provides €1 billion in macro-financial assistance to Egypt The Commission has adopted a decision to disburse €1 billion in loans to Egypt following the fulfilment of the policy conditions agreed with the EU under the ongoing Macro-Financial Assistance (MFA). This disbursement, which corresponds to the first and only instalment, will take place in the coming days. This financial support will help Egypt cover part of its financing needs for the fiscal year 2024/2025 and ensure macroeconomic stability, while supporting its home-grown reform agenda in conjunction with the ongoing International Monetary Fund (IMF) programme. Egypt's economy started to recover earlier in the year following the announcement of IMF and EU support, after experiencing significant balance of payments pressure. While the recovery is continuing, the economy remains affected by the economic effects of Russia's war of aggression against Ukraine and the situation in the Middle East. #egypt #europe #cooperation #finance Read more: https://lnkd.in/eMBTs3Xf

Egypt: El-Sisi outlines 4 new initiatives to strengthen D-8 cooperation President Abdel Fattah El-Sisi announced a series of initiatives at the 11th Summit of the Developing Eight (D-8) Organization for Economic Cooperation to strengthen collaboration and promote economic growth among member states. El-Sisi introduced plans to establish a Diplomatic Leadership Network to connect directors of diplomatic institutes across member countries. The network aims to build capacity and address global challenges. He also announced the launch of an electronic competition for pre-university students to encourage innovation in science, engineering, and applied technology. #egypt #cooperation #d8 Read more: https://lnkd.in/eHDutnCa

Egypt: Madbouly calls for joint investment Conference to boost Egypt-US economic ties Prime Minister Mostafa Madbouly held a meeting today to review and advance efforts aimed at strengthening economic relations between Egypt and the United States. He emphasized the importance of consulting with American companies operating in Egypt, addressing their challenges, and gathering their proposals to enhance cooperation. Madbouly highlighted the government’s dedication to fostering Egypt-US relations, aligning with directives from President Abdel Fattah El-Sisi. He proposed organizing an investment forum to explore opportunities in key sectors and attract more US investments. He instructed the Ministry of Investment and Foreign Trade to expedite the forum’s preparation and resolve issues faced by American companies in Egypt. #egypt #investment #usa #economy Read more: https://lnkd.in/e6cdgcfx

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Cabinet approves $850M Abydos Renewable Energy Company project in Aswan The Cabinet has granted approval for Abydos Renewable Energy Company to secure the Golden License for its ambitious solar energy project in New Benban, Aswan Governorate. The project, designed to generate and sell electricity from photovoltaic energy, will boast a capacity of 1,000 MW and include energy storage systems with a capacity of 600 MW/hour. With an investment of $850 million, the project will cover 20 km² of land allocated by the New and Renewable Energy Authority and is expected to generate approximately 4,000 jobs. Commercial operations for the first phase, with a capacity of 300 MW and energy storage of 300 MW, are set to begin in August 2025. The second phase, offering an additional 700 MW of capacity and 300 MW of energy storage, is scheduled for April 2026. #egypt #renewable #energy Read more: https://lnkd.in/dT_73XdW

Egypt plans to import 155 to 160 LNG shipments next year Egypt plans to import 155 to 160 liquefied natural gas (LNG) shipments next year to address the gap between domestic natural gas demand and production, according to a government official speaking to Asharq Bloomberg. The total cost of LNG imports in 2025 is projected to reach approximately $8 billion, based on an average shipment price of $48 million to $50 million. After halting LNG imports in 2018 due to significant gas discoveries like the Zohr field, Egypt resumed imports earlier this year amid a decline in domestic gas production. #egypt #gas #imports Read more: https://lnkd.in/eCp53v5R

Egypt Prime Minister Madbouly Highlights Government Achievements, Future Plans During a press conference following the weekly cabinet meeting, Prime Minister Mostafa Madbouly outlined recent government actions and strategies to drive Egypt’s development across various sectors. Madbouly praised President Abdel Fattah El-Sisi’s active involvement in addressing key national issues, both domestically and internationally, showcasing his commitment to strengthening Egypt's global standing. The Prime Minister reaffirmed the government’s focus on preserving the achievements of recent years, ensuring they benefit all citizens. He emphasized ongoing efforts to build on these successes, fostering sustainable growth and development. #egypt #plans #future Read more: https://lnkd.in/d2AAjmBv

CBE hosts inaugural meeting of African Financial Stability Committee In line with presidential directives to boost Egyptian-African cooperation and integration, the Central Bank of Egypt (CBE) hosted the inaugural meeting of the African Financial Stability Committee (AFSC) from December 9–11, 2024. Under the leadership of CBE Governor Hassan Abdalla, the event aimed to advance financial stability across the African continent. The meeting was launched by Tarek ElKholy, Deputy Governor of the CBE, on behalf of Governor Abdalla. It saw the participation of key figures, including Waesh Khodabocus, Chair of the AFSC and representative of the Bank of Mauritius, Djoulassi Oloufade, Executive Secretary of the Association of African Central Banks (AACB), along with representatives from several African central banks and CBE’s Macroprudential and African Cooperation sectors. #egypt #africa #financial #stability Read more: https://lnkd.in/dpc-4-w9