The president pointed to "the total amount of $45-50 billion in new financing from the Ras El-Hekma development project with the UAE, the recently expanded $8 billion loan with the International Monetary Fund (up from $3 billion previously), from some European countries, and others."
He noted that he had previously refused to permit a flotation of the pound last year for national security reasons, adding that “a large amount of funding” was needed to regulate the market.
The comments were El-Sisi's first public remarks addressing the most recent devaluation of the Egyptian pound.
On Wednesday, the Central Bank of Egypt (CBE) devaluated the pound against the dollar for the fourth time since early 2022, saying it would let the exchange rate be determined by "market forces."
The local currency experienced a significant drop, declining by 62 percent to approximately EGP 49.5 from its previous value of around EGP 30.9 against the US dollar.
The president made his remarks while speaking at the 39th Armed Forces Cultural Symposium on the occasion of the Egyptian Armed Forces' celebration of Martyrs and Veteran's Day.
El-Sisi pointed out that the challenging economic conditions faced by the Egyptian people, particularly over the past four years, have not been a consequence of risky decisions made by himself or the government.
He attributed such conditions to the repercussions of various unexpected global and regional events since 2020, including the coronavirus pandemic, the Russian-Ukrainian war, and most recently the Israeli war in Gaza.
"This has posed a major threat and challenge to Egypt and the entire region," he said.
He urged Egyptians "to work diligently and exercise patience" to overcome these conditions, stressing that such an approach is the only viable path forward.
The president added that the government has not squandered the money of the Egyptian people through corruption, noting that all the country’s projects over the past years have been carried out with full transparency.
He added that these projects are a major achievement, given the challenging conditions in Egypt since 2011.
However, the president emphasized that countries cannot develop in just ten years.
"It takes countries 75 years to become [developed] nations," he asserted, acknowledging that he wishes the timeframe was shorter.
He had never said that things would improve in just one year or ten, he added.
“We are nearly through the difficult stage."
The president pointed out that other countries have experienced several difficulties, including famines and the loss of millions of people annually, but have since improved their situation.
The Egyptian Armed Forces celebrate Martyrs' Day on 9 March to honour the sacrifices of the Egyptian Armed Forces.
The date coincides with the anniversary of the martyrdom of Field Marshal Abdul Moneim Riad in 1969.
'Your pain is ours'
Speaking on the war in Gaza, El-Sisi affirmed that Cairo is "keen for the Rafah crossing to remain open 24 hours to facilitate the entry of humanitarian aid into Gaza and we will never close it."
However, he added: "We resort to dropping aid by air due to the challenges associated with its entry by land," referring to the restrictions imposed by Israel that have delayed the delivery of aid.
Several countries, including Egypt, Jordan, the UAE, and the US, have airdropped humanitarian aid to the strip, including the northern part.
He reiterated Egypt’s rejection of the displacement of the Palestinians into Sinai, and expressed his astonishment, saying, "Do you think we can betray them (the Palestinians), their blood or what?"
“There are no arrangements. The land is ours … and we are all responsible to protect it. As it has been for thousands of years, these are its borders, and no one will abandon it,” he noted.
"I have requested institutions to assess the cost of rebuilding Gaza, and we have found that the cost exceeds $90 billion for Gaza to return to its basic structure and be livable once again," he added.
El-Sisi also emphasized that Egypt "will not hesitate to continue working towards achieving a ceasefire, delivering aid, and providing relief to the afflicted from this immense catastrophe."
"Egypt will not cease its efforts, regardless of the cost, to ensure that the Palestinian people obtain their legitimate rights in their independent state," he said.
"Today, we address the entire Palestinian people, those steadfast on their land, and resilient upon their soil, with a salute of appreciation and reverence, and we say to them, 'Your pain is our pain, and your anguish is ours.’"
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