RIYADH: According to the planning and economic development ministry, Egypt’s economy is expected to expand by 4% in the current fiscal year due to ongoing structural reforms. Despite output from the Suez Canal being impacted by regional tensions, Rania Al-Mashat assured the National Press Authority that the nation was still on track to reach that number, which was first raised in April.
During the conference, the minister also presented Egypt’s ambitions to improve its investment climate, with the government looking to international partners for $4.2 billion in macroeconomic assistance. According to a release, Al-Mashat also underlined the government’s dedication to responsible investment management, noting that the public investment budget for the current year is limited to 1 trillion Egyptian pounds ($19.78 billion), with an emphasis on finishing projects that are at least 70% complete.
The private sector obtained $14.5 billion in concessional development finance from international partners between 2020 and 2024. Al-Mashat pointed out that in 2024, private sector soft international funding overtook government financing for the first time.
The minister also revealed that talks for a second wave of macroeconomic support, which would include €1.8 billion in investment guarantees and €4 billion ($4.10 billion) in budget aid, are already taking place with the EU and other international partners.
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