Egypt s Prime Minister Mostafa Madbouly speaks during a press conference on Thursday 4 July, 2024. Photo courtesy of the Egyptian cabinet.
This issue was raised in a press conference on Thursday, a day after the premier and 30 ministers took the oath before President Abdel-Fattah El-Sisi, where some ministries have been merged and others were introduced.
The changes included merging the Ministry of Transport with the Ministry of Industry; the Ministry of International Cooperation with the Ministry of Planning and Economic Development; the Ministry of Emigration and Expatriates' Affairs with the Ministry of Foreign Affairs.
Moreover, a new component has been added (trade) and merged with investment, making up the Ministry of Investment and External Trade.
In Thursday’s press conference, Madbouly emphasized that the Ministry of Foreign Affairs has “the true arms” abroad, overseeing Egyptian consulates and embassies worldwide.
Furthermore, he highlighted the merger of the portfolios of planning, economic development, and international cooperation into a single ministry, aiming to enhance coordination in managing the macroeconomic file.
This merger also seeks to reduce both domestic and external debts, establish a clear debt ceiling, and identify financing gaps by integrating state investments from the local budget along with external loans, grants, and facilitated financial services.
The introduction of a new ministry for investment aims to attract further foreign direct investments and increase the country’s foreign currency revenues, Madbouly said.
This ministry, which also oversees external trade, will focus on promoting local industries, he added.
Regarding the transport and industry merger, Madbouly noted how crucial the industrial development file is for Egypt, which explains why Kamel El-Wazir was assigned this portfolio.
Under the new cabinet, El-Wazir serves as Deputy Prime Minister for Industrial Development.
"Some may question the reason for assigning two ministries to him. The reason is that El-Wazir is considered a top administrative and executive talent. The significant progress the Ministry of Transport recently witnessed gives confidence that, with his appointment as Minister of Industry, he will be capable of fulfilling this role,” Madbouly added.
Due to the ongoing projects and issues in the Ministry of Transport that require continuous oversight, El-Wazir has been assigned the responsibilities of both ministries, which will lead to industrial development.
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