PM Mostafa Madbouly held reviewed a number of positive indicators that reflect the improvement of the Egyptian economy, stressing the government's continued efforts to achieve economic stability and enhance investment.
This came during the weekly press conference following the Cabinet meeting on Wednesday.
Madbouli said that the number of factories in the Suez Canal Economic Zone (SCZone) has doubled from 65 to 130 in 3 years, and 120 new factories are under construction that will be completed during the current or next year.
He added that Egypt will be able to produce all its components of the solar panel locally by the end of 2025, in line with Egypt's Vision 2030 to increase the percentage of clean energy to 42%.
Concerning the economy, he pointed out that the Purchasing Managers' Index exceeded the 50-point barrier for the second consecutive month, reflecting the optimism of the private sector, and the rise in the net foreign assets of the banking sector to $8.7 billion in January 2025 compared to (-$29) billion last year, and the increase in foreign exchange reserves to reach $47.4 billion, an increase of $128 million over the previous month.
As with cooperation with the European Union, Egypt Signed a soft financing worth €90 million from the European Investment Bank (EIB) to support the General Authority for Supply Commodities.
The minister also announced new discoveries in the petroleum sector, including the discovery of the "Fayoum 5" oil and gas field in the King Mariout area, which promises to increase production during 2025/26.
He concluded that the Fiscal year plan 2025/26 will focus on the health and education sectors as government priorities during the coming period.
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