Egypt's new government announces plans for the next three years, with an economic growth target of 4.2 percent for the first fiscal year.

Release time:

2024-07-12 17:23

Source Event Financial Union

Editor Li Lin

Internship Editor Chen Yujia

图源丨pexels.com by Dimitra M.K

Egyptian Prime Minister Mustafa Madbouli has outlined the new government's plan for the next three years at a special session of the Egyptian House of Representatives, which aims to address the country's pressing challenges, including economic and security issues. The plan covers the period from 2024 to 2027.

Madbouli has promised that the government will achieve an initial growth rate of 4.2 per cent in the first year (fiscal year 2024/25) and continue to grow by more than 5 per cent every year thereafter. He stressed that the plan combines insights from national dialogue meetings and strategic reforms, focusing on key areas such as infrastructure, energy, industry and social welfare.

In order to achieve this goal, Madbouli proposed a series of strategic priorities, including strengthening national security, enhancing economic competitiveness, promoting political stability, and expanding diplomatic contacts and regional partnerships. In particular, he noted that the government will work to strengthen basic services such as health care and education, curb inflation, and promote economic growth to ease economic pressure and raise living standards.

Reporting on progress in stabilizing the economy, Madbouli said the local inflation rate had dropped significantly from 39.7 percent in August 2023 to 27.4 percent in May 2024. He plans to further improve economic resilience through initiatives such as agricultural expansion, digital transformation, and the modernization of markets and public services.

In terms of building a competitive economic system, Madbouli said that the new government's goal is to achieve a growth rate of 4.2 per cent, with an average growth rate of more than 5 per cent during the three-year plan. He further pointed out that the government plans to double the contribution of green economy investment to total public investment to about 55% in 2026, increase the proportion of private investment in total investment to 60-65%, and increase the annual growth rate of foreign direct investment to about 14% in 2030. In addition, the government plans to increase exports by more than 15 percent a year and attract 30 million tourists by 2028.

Madbouli also promised to solve the power shortage within six months. The new Egyptian government aims to promote the comprehensive development of the country's economy, security and social welfare through a series of specific goals and measures.

-END-

International cooperation and exchanges are everywhere

Egyptian Minister of Trade and Industry: Egypt's non-oil commodity exports increased by 9.8 in the first five months of this year

International cooperation and exchanges are everywhere

Egyptian Minister of Trade and Industry: Egypt's non-oil commodity exports increased by 9.8 in the first five months of this year

2026-07-31

In the new era, Chinese enterprises “going global” are driven not only by speed and ambition, but also by wisdom and warmth; they not only build visible, tangible new cities, but also remain true to their unseen original aspirations.

Zhongtian Steel’s US$300 million automotive tire materials project has been established in the TEDA Cooperation Zone.

2026-07-31

The project covers an area of approximately 320,000 square meters and focuses on producing steel cord and bead wire—key structural components in the manufacture of radial tires. The facility is planned to have an annual production capacity of 120,000 tons of steel cord and 50,000 tons of bead wire. Upon commissioning, it will directly create roughly 1,000 local jobs, with about 30% of its output destined for export to the Middle East, Europe, and the Americas.

Industry–education integration takes root in North Africa! The China State Construction Steel Structure Egypt Manufacturing Plant’s University Open Day was successfully held.

2026-07-31