Egyptian Economic Boom: Investment Deals Worth $101 Billion to Transform the Country’s Wealth and Assets

2024-02-22 20:26:54

Mohammed Shaban

Published on: Thursday, February 22, 2024 – 10:26 PM | Last updated: Thursday, February 22, 2024 – 10:26 PM

Journalist Mustafa Bakri said that the value of the investment deals currently proposed to the Egyptian government amounted to 101 billion dollars, not just 42 billion dollars, citing senior sources, stressing that they will eliminate the parallel market “irreversibly,” as he described it.

He pointed out during the presentation of the “Facts and Secrets” program broadcast on the “Sada El Balad” screen on Thursday evening, that “there are great hopes for the completion of these deals before next April,” stressing that these deals, if signed before next April, will provide large cash flows from Hard currency contributes to the stability of the foreign exchange market.

He added that these deals would create new job opportunities and improve economic conditions in general, noting that there is another $10 billion coming from the International Monetary Fund.

Bakri pointed out that he had previously talked regarding a deal worth $42 billion, and that there are multiple other deals under negotiation.

In another context, he referred to a report issued by Credit Suisse entitled “Global Wealth Data,” which is issued periodically every two years, saying that the report revealed a surprise regarding the increase in the value of Egypt’s national wealth and state assets in the last 10 years during the term of President Abdel Fattah El-Sisi.

He stressed that the state’s assets increased from $500 billion to one and a half trillion dollars ($1,500 billion) thanks to the new ports, the administrative capital, power stations, infrastructure, and roads.

He pointed out that Egypt ranked 32nd on the list of the richest countries in terms of national wealth and assets, according to the bank, while it was ranked 41st in 2014.

The Egyptian Cabinet statement said that it approved, at its meeting today, Thursday, “the largest direct investment deal,” through an investment partnership with major entities, as part of the government’s efforts to increase hard currency resources.

The statement issued by the Council of Ministers did not mention any details regarding the deal or its value, but it stressed that “this deal is the beginning of several investment deals, which the government is currently working on.”

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