Egyptian President Abdel Fattah El Sisi on Monday directed the government to continue studying the repercussions of various international crises on the local economic performance in order to formulate the expected scenarios to ensure the preservation of the economic and financial indicators at the national level and to overcome any challenges in order to sustain the positive results of the economic reform programme.
The president’s remarks came as he met on Monday with Prime Minister Moustafa Madbouli and Minister of Planning Hala el-Saeed, Presidency Spokesman Ambassador Bassam Radi said.
During the meeting, the president was also briefed on the future plan of the Sovereign Fund during 2023 to attract more investments from other sovereign funds and regional and international investors, considering that this is one of the most important goals for which the Fund was established, especially in the sectors of utilities, infrastructure and water desalination plants as well as green hydrogen projects.
This comes in addition to the fund’s establishment of a sub-proposal fund to manage and restructure assets of multiple issues.
The President also stressed the importance of strengthening the efforts and role of Egypt’s Sovereign Fund to attract investments for the benefit of the national economy, in order to achieve the objectives of the state’s development strategy, which considers the private sector an essential partner in the development process.
For her part, Minister El-Saeed reviewed the development of economic indicators worldwide in light of their impact on several current international variables, foremost of which is the repercussions of the Russian-Ukrainian crisis and the coronavirus pandemic.
She explained that Egypt succeeded in achieving a high positive growth rate during the previous fiscal year 2021/2022 in view of the safe and balanced course of the Egyptian economy followed by the state during the last period and the cohesion and steadfastness it showed in dealing with those circumstances and challenges.
In this regard, the most prominent features of the role of the private sector in the Egyptian economy were presented, as well as the most important contributions of the economic activities to the gross domestic product, especially manufacturing industries, agriculture, trade, real estate activities, construction and building.
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