$90 billion annually to buy the needs of Egyptians from abroad

President Abdel Fattah El-Sisi said that the government intervened in the exchange rate to stabilize the price of the dollar.

Liberalizing the exchange rate of the pound against the dollar

President Sisi added, during his speech at the National Youth Conference, which was held today in Alexandria: “Liberalizing the exchange rate of the pound against the dollar, if it affects Egyptians, it will be free … even if it contradicts the demands of the IMF.”

The import gap and the dollar

President El-Sisi made it clear that the state will only move forward by reducing the import and dollar gap.

90 billion dollars annually

He pointed out that Egypt needs requirements of about $90 billion annually in order to purchase citizens' needs from abroad.

Meat to rise

President Al-Sisi stated that Egypt does not manufacture fodder, but it is imported from abroad, and when pricing it, the price of the pound against the dollar is considered, which caused the price of meat to rise to 300 pounds per kilo.

President Sisi indicated that Egypt fixed the exchange rate of the dollar against the pound by depositing the dollar in the market and interfering in the exchange rate, then preserving the value of the pound because it is related to the lives of citizens and national security.

For his part, Thomas Strauss, General Manager of Total Energy Egypt, affirmed that Egypt is a promising market to attract investments.

  Referring to the company's success in attracting the investments of ADNOC Distribution Holding Company to Egypt, which is one of the UAE's ADNOC companies, after it acquired 50% of its shares in Egypt with an initial investment of about $600 million.

  Many of Total / ADNOC's services and stations will be developed in Egypt, starting with Cairo Governorate, where 5 stations will be opened as a first stage in several neighborhoods during the coming weeks.

General Authority for Investment

On the other hand, the General Authority for Investment and Free Zones ranked first in the “Environmental, Social and Governance Practices” index, among 74 investment agencies from different countries of the world included in the World Association of Investment Promotion Agencies (WAIPA) 2023 report.

The report issued by the federation, entitled “The Future of Foreign Direct Investment: How to Attract, Measure and Ensure the Sustainability of Quality Foreign Direct Investment,” praised the efforts of the General Investment Authority in particular and the Egyptian government in general in supporting green economy projects, and the continuous development of government procedures.