Egypt and its government undertake major structural reforms

It was stated that the government has already identified 9 billion USD (164 billion EGP) of public assets for the following year, a few sectors were cited among which; the banking sector, renewable energies, real estate assets in new towns, automotive, data centers, networks for oil and gas and the expansion of gas liquefaction plants, telecommunications, desalination plants and education.

Seven of Egypt’s largest ports will be merged into a single entity and listed on EGX, as well as a number of state-owned hotels will be merged and offered to investors.

The economic damage caused by the war in Ukraine was underlined. Egypt would thus have suffered 130 billion EGP (or approximately 7 billion USD) in direct losses due to the crisis due to the spiral of commodity prices and the global monetary tightening and 335 billion EGP (or approximately 18.33 billion USD ) indirect losses.

It was added that almost 20 billion USD (365 billion EGP) of capital has left Egypt since the beginning of the year and that the cost of Egyptian wheat imports has increased by 2.7 billion USD (49.32 billion EGP) to 4.4 billion USD (80 billion EGP). To combat this crisis, an envelope of 130 billion EGP (i.e. approximately 7 billion USD) was devoted to alleviating the effect of increases in prices and the date of payment and the increase in salaries and pensions of retirement have been brought forward.

Source : Embassy of France in Lebanon