The partnership aims to increase employment rates, support Egypt’s economic growth, attract investments, and support the development of small and medium-sized enterprises (SMEs), according to the statement.
These plans were discussed during a meeting between Finance Minister Ahmed Kouchouk and the executive director of Future of Egypt Authority for Sustainable Development, Bahaa El-Ghannam.
The Future of Egypt Authority for Sustainable Development, also known as ‘Mostaqbal Misr’ or the Future of Egypt Project, is an Egyptian Armed Forces-linked land-reclamation and agricultural-production project launched in 2022. The project includes an industrial city with grain storage silos, refrigerators for freezing crops, and fodder production factories.
The Mostaqbal Misr project aims to achieve food security, boost farm exports, and cut down import bills through sustainable agriculture. It also provides job opportunities and adds value to natural resources.
The project aims to reclaim 4.5 million acres by 2027, as part of Egypt’s plans for agricultural expansion, agro-processing, renewable energy, and digital transformation. It also aims to develop Egypt's livestock and poultry production and fisheries.
The authority’s projects, such as the New Delta agricultural drainage water treatment plant, use modern irrigation systems to improve water efficiency, linking agricultural expansion with food processing, livestock, aquaculture, and logistics infrastructure.
Future of Egypt has other projects in the pipeline, including studying the implementation of development projects in Sudan, where Egyptian companies will be given priority in Sudan’s reconstruction projects, and restarting Sudanese factories damaged by the war.
Cooperation between Mostaqbal Misr and the private sector secured $4.2 billion worth of exports of strategic crops, fresh fruit, and vegetables in 2024.
Moreover, Egypt is taking multiple measures to support and encourage small and medium-sized enterprises (SMEs), which make up 98 percent of the country’s private sector.
The state announced that it would provide SMEs that join its simplified tax system with concessional financing. This initiative is part of the government's efforts to provide tax incentives to encourage tax compliance and support business growth.
Enhancing the private sector's participation in the economy and reducing the state’s footprint are major parts of Egypt’s Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF).
The IMF has recently approved a new $2.3 billion tranche for Egypt to support capital flows, tourism, and private-sector engagement.
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