UPDATED: Egypt spends $400 b within 7 years to escape poverty trap – Sisi

The state implemented the “Decent Life” initiative, which entailed developing 300,000 housing units, said President Abdel Fattah El Sisi.

“Egypt is not a rich country like the US, Britain or France, but when we started implementing the initiative , we did not say that we will not be able to provide anything to the citizens but we affirmed that poverty will be confronted and will do our best in order to provide dignity to the citizen,” President Sisi said.

He, meanwhile, called for the youth participating in the WYF to post the foreign youth on the pioneering Egyptian experiment through the “Decent Life” initiative.

Egypt started work seven years ago in order to escape the poverty trap and will continue its efforts in this respect, he affirmed.

Talking about Egypt’s dealing with the pandemic, President Sisi said that the country has launched initiatives and incentives, worth 100 billion pounds, since the start of the pandemic in order to alleviate the impact of the pandemic in the hardest-hit sectors such as tourism and the other sectors.

President Abdel Fattah El Sisi said that Egypt has worked to mitigate the knock-on effects of the pandemic, while taking into consideration the necessary preventive measures.

“The Dignity Life initiative and what we do in Egypt is only one step of a thousand that we will still do. This is not a talk of moral support, it is an assessment of a real situation and state,” he said.

Sisi also discussed the country’s 2016 economic reform program, which was a subject of controversy due to the public’s fear of the harsh austerity measures.

He, meanwhile, extended appreciation and respect to the Egyptian people for bearing these measures.

“I said the reforms would be applied and people would be able to withstand it. If we did not implement it , we would have faced a major crisis now during the pandemic,” he went on to say.

He also pointed out that 60 per cent of the African countries suffer from poverty, underling of exerting more efforts and working hard in order to eradicate poverty.

President Sisi also said that he talked with the organizations, during the World Youth Forum, about the importance of providing low-cost loans to the African countries in order to protect them from the dangers besetting them.