In a significant development, the Egyptian Cabinet declared on Thursday its approval of the largest direct investment deal, forged through a strategic partnership with major entities.
This pivotal move is part of ongoing national endeavors to attract foreign direct investment (FDI) and augment the country’s foreign exchange resources, as detailed in the cabinet’s official statement.
Prime Minister Mostafa Madbouly emphasized that this monumental investment deal, executed in collaboration with major entities, aligns with the state’s developmental objectives outlined in the National Strategic Urban Development Plan.
He highlighted that this marks the initiation of numerous investment agreements the government is actively pursuing to bolster the country’s foreign currency reserves.
The complete details of this groundbreaking deal, along with the signing of relevant agreements, will be disclosed shortly, according to the Prime Minister. He stressed that the success in attracting substantial foreign investments reflects the confidence of major investment entities in the resilience of the Egyptian economy and its capability to overcome challenges.
Madbouly asserted that the projects stemming from this investment deal will generate hundreds of thousands of job opportunities, significantly contributing to economic recovery. Moreover, the involvement of various Egyptian companies and factories in the implemented projects is anticipated to yield multiple benefits for the Egyptian state.
The Prime Minister underlined the broader impact of this significant deal on the foreign exchange market, emphasizing its role in stabilizing and improving the economic situation. He also revealed that the government is in the final stages of an agreement with the International Monetary Fund (IMF).
In parallel, the government continues to execute measures outlined in the State Ownership Policy document, focusing on empowering the private sector and enhancing its participation in key developmental sectors. The approval of this groundbreaking investment deal reflects Egypt’s commitment to fostering economic growth and attracting strategic investments to propel the nation forward.
