File Photo: A boy walks past a furniture workshop. AFP
This project will focus on the furniture industry and create 1,320 job opportunities, with workers housed in New Alamein City.
Its annual production is projected to reach 40 million pieces of furniture.
It targets exporting 100 percent of the production, while local inputs are expected to make up 40-80 percent.
Restructuring External Debt Management Committee
The cabinet has also approved restructuring the External Debt Management Committee to enhance the organization of external debt.
Prime Minister Mostafa Madbouly will chair the committee, which includes the Central Bank of Egypt's (CBE) governor, the planning minister, the finance minister, the investment minister, and representatives of the General Intelligence Service and the Administrative Control Authority.
The committee will comprehensively manage the external debt profile, setting an annual borrowing limit based on financial sustainability measures.
Deviations from this limit will only be permitted in cases of extreme necessity, pending cabinet approval.
In related news, Egypt’s debt decreased by five percent, reaching $152.88 billion in the fourth quarter of FY2023/2024, down from $160.60 billion in the previous quarter.
The overall debt was 89 percent of the GDP in FY2023/2024.
Moreover, the external debt-to-GDP ratio was 98 percent in FY2022/2023. The government aims to reduce it to 88 percent in FY2024/2025.
Egypt plans to allocate 50 percent of the initial public offering (IPO) proceeds to further reduce its substantial debt.
Granting golden license to agricultural company
Furthermore, the cabinet has granted the Nutsland for Agricultural Investment company a golden license for a project valued at EGP 1.4 billion to be developed over 136,000 square metres in the 10th of Ramadan City.
The project targets exporting about 80 percent of its agricultural production and is expected to create 4,000 job opportunities.
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