Sisi reviews key economic indicators in 2021, urges expanding Egypt’s export support system

Amr Kandil , Monday 3 Jan 2022

Egypt’s President Abdel-Fattah El-Sisi has reviewed Egypt’s key economic indicators throughout 2021 in a meeting on Monday with the country’s economic ministerial group chaired by Prime Minister Mostafa Madbouly.

Egyptian President Abdel-Fattah El-Sisi reviews economic indicators of 2021 in a meeting with ministers and key officials. Egyptian Presidency

El-Sisi urged enhancing and expanding the export support system with a focus on high-value industrial sectors, presidential spokesman Bassam Rady said in a statement.

The president also reviewed indicators for the trade balance as well as imports, exports, and developmental cooperation with international partners.

Egypt’s exports increased by 27 percent in 2021 and recorded EGP 31 billion, the country’s largest export volume in its economic history, the statement affirmed.

The meeting reviewed the basic sectors that contributed to enhancing Egyptian export volume, which are represented in chemical products, construction materials, food industries, engineering and electronic goods, agricultural crops, and ready-made garments.

The meeting also reviewed the qualitative distribution of the largest commodity groups regarding Egyptian imports as the state looks to encourage the local manufacturing of these products.

The president followed up on the efforts to implement a national initiative to encourage local production by promoting Egyptian products and attracting direct foreign investments.

The initiative, dubbed ‘El-Rowad El-Wataneyin’ (National Pioneers), is implemented under the supervision of the Central Bank of Egypt (CBE) through Banque Misr and the National Bank of Egypt (NBE) in cooperation with the Ministry of Trade and Industry.

International cooperation, financing packages

The meeting reviewed the status of the soft loan agreements to support national development priorities with financing packages reaching around $10.2 billion in all sectors of the state, the presidency said.

This includes the sectors of housing, environment, transportation, education, energy, health, agriculture, and irrigation, as well as medium, small, and micro enterprises.

The meeting also reviewed grants provided by the various sectors of the state and the private sector in many fields, especially education, social housing, water and sanitation networks, and supporting emerging companies.

Moreover, the meeting followed up on the framework conventions with France, Spain, China to enhance economic cooperation and contribute to supporting the state’s priority projects.

El-Sisi called for furthering development inflows’ consistency with the national goals of sustainable development in various sectors as part of Egypt Vision 2030.

The meeting was attended by Governor of CBE Tarek Amer, Planning Minister Hala El-Saeed, International Cooperation Minister Rania El-Mashat, Finance Minister Mohamed Maait, Public Enterprise Minister Hisham Tawfik, Industry Minister Nevine Gamea, and Presidential Advisor for Financial Affairs Mohamed Amin.

Despite the coronavirus pandemic’s impacts, the Egyptian economy maintained a positive GDP growth in FY2020/21 at 3.3 percent.

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