Sisi's plan to reduce pressure on the dollar

President Abdel Fattah El-Sisi talked about the state's efforts to support the establishment of factories in order to reduce imports.

"The soda ash project is successful because you import it for 300 million dollars, and when you produce it, the amount becomes in the interest of the national economy," Sisi said during his speech at the inauguration of the medical and industrial gases factories and the power generation plant in Abu Rawash.

Soda carbonate project

President El-Sisi continued: “There are issues that I could not bear for a year, two, or three, We must contract immediately with companies, because the time has a wish, and we can contract at the beginning of the year 2023 and the opening in 2024.”

Increase agricultural areas

The president said that the nitrogen fertilizer complex, which is scheduled to open during the coming period, will keep pace with the increase in agricultural areas, stressing the need to work to find solutions away from the state's general budget.

Suez Canal Fund

The president stressed the necessity of having savings containers with the various ministries and agencies, citing the Suez Canal Fund.

He pointed out that the canal’s revenues amounted to $220 billion since 1975 until now, pointing out that if 10% of that revenue had been deducted and placed in a fund that could have been used to finance the projects of the Suez Canal Authority and development in the canal, we would have collected $50 billion.

Ministry of Health fund

President El-Sisi cited the Ministry of Health and Population Fund, which was established to finance projects and raise the efficiency of hospitals in light of the high demand and cost rates in the health sector, in addition to the Ministry of Housing Fund, through which liquidity is provided to establish one million housing units annually.

Release of goods at ports

President Abdel Fattah El-Sisi stressed the importance of quickly completing the release of goods at the ports, saying: "The issue of supplies, and I hope that we will launch this matter with media coverage, and people will see the volume of materials that will come out of the ports during the next two weeks, so that, thank God, we will end this problem."

Reduce pressure on the dollar

President El-Sisi added that whenever we produced products locally, we would import them from abroad, the pressure on the dollar will decrease, saying: “I hear a lot of talk calling for the reduction of national projects to reduce pressure on the dollar.”

He pointed out that the Prime Minister presented him with a plan for the products to leave the ports, as Egyptian banks will cover our need for dollars in favor of credits within 4 days.