Egypt's Government Plans 4.2% Growth, Focusing On Infrastructure And Economy

Egypt's Prime Minister Mostafa Madbouly presented his new cabinet's agenda for the next three years during a special session at the House of Representatives. The program, from 2024-2025 to 2026-2027, aims to address significant national challenges.

Madbouly said that the government will focus on completing infrastructure and service projects across the country. Additionally, efforts will be made to mitigate the impacts of global economic conditions and address issues arising from regional conflicts.

Key Pillars

The outlined program is structured around four main pillars: protecting national security and enhancing foreign policy, improving citizens' well-being, building a competitive economy to attract investments, and achieving political stability and national cohesion.

Regarding economic growth, Madbouly stated that the government aims for a 4.2% growth rate initially, with an average exceeding 5% over the three-year period. By 2026, green economy investments are expected to constitute about 55% of total public investments.

Madbouly also highlighted plans to increase private investments to 60-65% of total investment. The annual growth rate of foreign direct investments is targeted to reach about 14% by 2030. Additionally, exports are expected to grow by more than 15% annually.

The Prime Minister acknowledged pressing economic and security challenges facing Egypt. He committed to resolving power outages within six months and controlling rising prices and inflation. Efforts will also be made to regulate markets effectively.

Madbouly's program includes ambitious goals such as attracting 30 million tourists by 2028. This is part of broader efforts to build a competitive economy that draws in substantial investments.

Protecting national security remains a top priority for the new government. Enhancing foreign policy is also crucial in maintaining stability and fostering international relations.

The program aims not only at economic development but also at improving the overall well-being of Egyptian citizens. This includes initiatives aimed at building a robust society with enhanced services and infrastructure.