The meeting was attended by Hassan Abdullah, Governor of the Central Bank of Egypt; Mahmoud Esmat, Minister of Electricity and Renewable Energy; Ahmed Kouchouk, Minister of Finance; and Karim Badawi, Minister of Petroleum and Mineral Resources.
Madbouly praised the full coordination between the government and the Central Bank on issues related to securing the dollar component to build a stockpile of petroleum products and food commodities, in addition to everything related to industry, raw materials, and production inputs. He thanked the Governor of the Central Bank and bank officials for their efforts despite regional and global challenges, especially since the policies pursued by the bank contribute to strengthening confidence among international entities, investors, and even citizens. This has resulted in increased foreign currency reserves and a steady increase in remittances from Egyptians abroad, the latest of which was announced by the Central Bank today.
Counselor Mohamed El-Homsani, the official spokesperson for the Cabinet, stated that the meeting reviewed the efforts made by the Central Bank, in coordination with relevant ministries and authorities, to secure the financial resources necessary to secure petroleum products needed to operate power plants. This is aimed at ensuring the availability of fuel for the electricity sector during the coming summer and ensuring the readiness and stability of the electricity supply nationwide. The status of the various contracted shipments and payment procedures were reviewed.
The meeting also addressed efforts to increase foreign currency reserves and monitor the regular payment of dues to foreign partners, which will enhance confidence in the investment climate and pave the way for increased production from foreign partners in the coming period.