15:27
cairo, gmt + 2
25 October
Friday, 2024
Thu, 24 Oct 2024 - 01:57 GMT
She also announced plans to visit Egypt within 10 days to assess the country's economic indicators and review the situation in light of the regional and global developments affecting its economy.
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Held on the sidelines of the WB annual meetings in Washington on Thursday, their meeting discussed private sector financing, capital market development, and restructuring the global financial system.
"We are confident that this project will be a great success due to its strategic location and innovative designs, building on our 65-year leadership in the Egyptian real estate market."
This decision comes in response to directives from President Abdel-Fattah El-Sisi earlier this week to reassess the agreement to alleviate the strain on citizens as Egypt grapples with economic hurdles, including inflation and high debt.
The repayment burden will peak in the third quarter, beginning January 2025, with a significant $20.59 billion, before easing to $10.5 billion in the final quarter. This figure includes $52.8 billion in principal payments and around $8.1 billion in interest.
Minister of Petroleum, Karim Badawi, stated that these MoUs are designed to attract investments through the Egypt Exploration and Production Gateway, promoting available opportunities in the sector.
He also stressed the importance of advancing cooperation frameworks, particularly in financial settlements using local currencies, to establish more balanced and sustainable economic relationships.
In the IMF’s latest World Economic Outlook report released on Tuesday, the fund revealed that Egypt recorded a real GDP of 3.8 percent in FY2023/2024, 1.1 percent higher than the IMF's earlier projection of 2.7 percent in July.
Saudi Arabia led the BRICS countries importing from Egypt, with Egyptian exports amounting to $2.2 billion. The UAE followed with $1.8 billion, Brazil with $488 million, Russia with $438 million, India with $343 million, and China with $290 million.
The investment minister held an extensive meeting with representatives of global car manufacturers, agents, and distributors to bolster Egypt's automotive industry on Tuesday.
Minister of Investment and Foreign Trade, Hassan El-Khatib, praised Egypt’s recent efforts to attract foreign investments, highlighting the country’s focus on Japanese investments and the vital role of UNDP programs in sustainable development and capacity building.
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