Egypt invested EGP 9.4 trillion in national projects: PM Madbouly

Ahram Online , Saturday 30 Sep 2023

Egypt's Prime Minister Mostafa Madbouly said that the state has invested EGP 9.4 trillion in ambitious national projects in recent years, reiterating the government's willingness to press ahead with plans to develop, implement and reform policies.

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National projects. presidency.Eg


Madbouly made his remarks at the Story of the Homeland conference, which is taking place in the New Administrative Capital between 30 September and 2 October under the patronage of President Abdel-Fattah El-Sisi.

The investments were aimed at reducing multidimensional poverty and advancing progress and development, he said.

The prime minister explained that the government opted for "real and lasting transformation, rather than palliative measures.”

These actions were taken despite successive challenges starting with the economic crisis in 2011, the COVID-19 pandemic, and the Russia-Ukrain war, he added.

"We had the courage to implement reforms and openness policies … even when it seemed impossible," he said.

Madbouly noted that the unemployment rate, which stood at 13.2 percent in 2014, has declined to 7.2 percent in 2023.

He expressed optimism for the future, saying: "The Egyptian economy is projected to become one of the world's largest by 2030."

Additionally, Madbouly revealed that President El-Sisi has directed the government to invest EGP 300 billion ($9 billion) in the development of North and Central Sinai.

Egypt is proceeding with its development process guided by a long-term plan referred to as the Urban Development Plan for Egypt 2052.

According to Madbouly, the plan was "meticulously" drawn up by a team of 34 Egyptian experts spanning diverse fields.

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