President El-Sisi Reviews Economic Indicators

President Abdel Fattah El-Sisi met on Monday 5/9/2022with Prime Minister Dr. Moustafa Madbouly and Minister of Planning and Economic Development Dr. Hala Elsaid.

The Spokesman for the Presidency said that the meeting reviewed developments pertinent to economic indicators.

Dr. El-said reviewed the global economic indicators, which have been affected by many current international developments mainly the repercussions of the Russian-Ukrainian crisis and the Coronavirus pandemic.

She explained that Egypt achieved a high positive growth rate during the previous fiscal year 2021/2022, given the safe and balanced path adopted by Egypt’s economy over the last period, showing resilience in addressing the circumstances and challenges that cast a shadow on global economic growth, leading to a slowdown in economic activity and increased inflation rates worldwide, as well as record energy and food price hikes.

The meeting also touched on the role of the private sector in the Egyptian economy and the significant contributions of the economic activities sectors to the Gross Domestic Product, particularly transformative industries, agriculture, trade, real estate activities, and construction.

President El-Sisi gave directives to continue examining the impact of various international crises on the local economic performance to create expected scenarios to ensure maintaining the positive track and economic and financial indicators at the national level.

This shall also help in overcoming any challenges in order to sustain the positive results achieved from the economic reform.

The Spokesman added that the minister of planning also presented the progress of the Sovereign Fund of Egypt for investment and development since its establishment to date, being one of the state's main investment arms and a partner for the private sector, across various investment fields that include utilities, infrastructure, tourism, real estate investment, financial services, digital transformation and education and industry.

She noted that every one billion Egyptian pounds invested by the Fund contributes to attracting investments to the Egyptian economy worth about 5.4 billion Egyptian pounds.

The President was briefed on the future plan of the Sovereign Fund of Egypt in 2023 to attract more investments from other sovereign funds as well as regional and international investors.

This represents one of the most important objectives for the establishment of the Fund, especially in the sectors of utilities, infrastructure, water desalination plants and green hydrogen projects. In addition, the Fund established a sub-fund for the offerings to manage and restructure assets with multiple issues.

The President gave directives to enhance the efforts and role of the Sovereign Fund of Egypt to attract investments for the benefit of the national economy, to achieve the objectives of the state’s development strategy, which considers the private sector an essential partner in the development process, also in line with the economic reform plan and priority sectors in this framework.