President Sisi follows up on economic indicators
Monday، 28 November 2022 - 10:23 PM
President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly, and Minister of Planning and Economic Development, Dr. Hala El-Said.
The Spokesman for the Presidency said the meeting reviewed the economic indicators, in light of the continuing repercussions of the global developments.
Minister El-Said reviewed the development of economic indicators worldwide, which have been affected by the repercussions of the Russian-Ukrainian crisis. She also offered an overview of the slowdown in the world growth rate and the impact of these repercussions on the national economic activities.
President El-Sisi stressed the need to continue the specialized studies pertinent to the world economic situation and its impact on the Egyptian economy and the development process. This includes in particular the rising world inflation rates and soaring food and energy prices in light of their global shortage, as well as the continuing instability in the global financial markets and international supply chains. The President noted that this aims to maintain the gains of the successful efforts exerted over the past years in the area of economic reforms.
Dr. El-Said noted that the Egyptian economy is expected to achieve an overall growth by the end of the current fiscal year of around 5%, which exceeds previous economic projections by various international institutions. She said this was due to the robustness and resilience shown by the Egyptian economy, as a result of a policy adopted to expand public investment as the major engine of growth and operation.
As to the World Climate Summit, which was held in Sharm El-Sheikh recently, the minister highlighted the declaration, during the summit, of Egypt’s hosting of the UN Regional Center for the Localization of the Sustainable Development Goals, which is set to be located within the regional headquarters of international organization in the diplomatic district of the New Administrative Capital.
Minister El-Said offered an overview of the ministry’s main initiatives presented at the summit, particularly The Sovereign Fund of Egypt’s projects to attract investments in the green transformation field. She pointed out that the fund, as the state’s investment arm, is promoting the green hydrogen program, in coordination with the relevant government bodies. She also noted that during the summit, The Sovereign Fund of Egypt has signed an agreement with an alliance from the private sector to establish the first fund aimed at reducing carbon emissions through sustainable investments, at a cost of 1 billion pounds.
As to other developmental initiatives launched during COP 27, the minister underscored the National Initiative for Smart Green Projects in Egypt, which is being implemented under the President’s auspices. She asserted that this emphasizes the seriousness in addressing the environmental dimension and climate change as part of efforts to achieve the sustainable development goals.
President El-Sisi was also updated on progress in Egypt’s efforts to support African countries to counter the repercussions of climate change. This aims to improve the quality of life in the most impoverished villages across the continent and to enhance Africa’s ability to counter climate change. This will come in line with the sustainable development standards and within the framework of the Decent Life Initiative, which is taking place under the President’s patronage.