At a press
conference held this evening following the weekly Cabinet meeting in the New
Administrative Capital, Madbouly pointed to several positive indicators. He
said the US dollar has declined against the Egyptian pound and commodity prices
have fallen. This comes despite a sharp drop in Suez Canal revenues due to the
ongoing war in Gaza.
He added
that growth this year is expected to surpass last year. The annual growth rate
rose to 4.4% in fiscal year 2024/2025, exceeding the target of 4.2%.
Madbouly revealed
that Italian energy company Eni plans to invest USD 8 billion in Egypt over the
next five years.
He also
announced the establishment of an Egyptian joint-stock company with the Emirate
of Fujairah. The company will develop a logistics hub for petroleum products in
Egypt.
The prime
minister further emphasized that Egypt is keen to attract international
companies to localize the electric vehicle industry in the country.