🇪🇬EgyptNorth Africa
Egypt and France discuss economic stability, energy security, and investment cooperation
via Egypt Today2 min read
Egypt and France recently held high-level talks in Cairo to discuss strengthening economic cooperation and addressing the impact of geopolitical tensions on global and regional economies. Ahmed Rostom, Minister of Planning and Economic Development, affirmed Egypt's commitment to fiscal discipline and structural reforms to enhance macroeconomic stability. He highlighted efforts to secure energy supplies, expand strategic reserves, and diversify energy sources, including increased reliance on renewables and exploration. Rostom also mentioned the development of innovative financing mechanisms for infrastructure projects to attract private sector participation. The discussions, which included a French delegation led by Paul Teboul, Assistant Minister of the French Treasury, and French Ambassador to Cairo Eric Chevallier, covered the impact of geopolitical tensions, rising energy costs, and opportunities to deepen economic ties under Egypt’s Vision 2030. Rostom noted Egypt's economy grew by 5.3 percent in the first half of the fiscal year, attributing this resilience to ongoing reforms. The French delegation praised Egypt's policy response to global shocks and expressed readiness to support expanded financial cooperation and investment, particularly in infrastructure and priority development sectors.
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Prime Minister Mostafa Madbouly inaugurated the Modern Hygienic International plant, a $100 million facility for paper and hygiene products, at the Integrated Sokhna Industrial Zone within the Suez Canal Economic Zone SCZone. Madbouly emphasized the government's focus on projects that supply essential production inputs, especially those currently imported, to localize manufacturing and position Egypt as a regional industrial and logistics hub. Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, stated that the authority is working to address challenges for industrial developers and investors, aligning with its strategy to localize industry and logistics across 21 sectors. He added that the Modern project supports local value chains, reduces production costs, and helps the economy by increasing local content of raw materials, benefiting consumers and strengthening export competitiveness. Mohamed Sobhy, Chairman of Modern Hygienic International, confirmed the project's $100 million investment and 106.4 thousand square meter area. The factory produces paperboard for hygiene products, including infant and adult diapers, with an annual capacity of up to 1.2 billion finished diapers and 4,500 tons of raw materials. Sobhy detailed expansion plans to produce a broader range of paper products, detergents, cosmetics, and paper pulp to meet domestic demand for finished goods and raw materials, leveraging the SCZone location for increased production an
Finance Minister Ahmed Kouchouk announced that Egypt's new state budget includes an allocation of LE 48 billion to enhance exports, with targeted programs supporting priority sectors and accelerating export expansion. He highlighted strong growth potential in service industries, particularly outsourcing and information technology. Kouchouk emphasized the government's commitment to engaging with stakeholders to shape economic direction and stressed the importance of a comprehensive and coordinated vision to address economic challenges. The minister noted that Egypt is implementing balanced fiscal policies to stimulate growth, preserve financial discipline, and maintain macroeconomic stability, including expanding economic, productive, and tax bases. Initiatives are underway to introduce tax, real estate, and customs incentives to strengthen partnerships with the private sector. The new budget also prioritizes human development and improving public services. Kouchouk mentioned expected progress in the state asset offering program and continued support for solar energy expansion. Plans include establishing specialized tax service centers and a simplified tax system for young entrepreneurs and small-scale industries, offering low-cost financing for the first 100,000 participants. Improving public debt indicators is a core objective, with exceptional revenues directed towards debt reduction.
Egypt's stock market concluded the week with gains on Thursday, April 23, 2026, as the benchmark EGX30 index increased by 0.79 percent, reaching 52,375 points. Other indices also saw positive movement, with the small- and mid-cap EGX70 rising 0.74 percent to 13,819 points, and the broader EGX100 climbing 0.72 percent to 19,351 points. The EGX35-LV index edged up 0.28 percent, and the Sharia index posted a 0.25 percent increase. Market capitalization grew by approximately LE 17 billion, reaching LE 3.620 trillion from LE 3.603 trillion in the previous session. Trading was active, with a total turnover of LE 12.88 billion from about 3 billion shares traded across 234,500 transactions. Egyptian and foreign investors were net buyers, with purchases of LE 25.7 million and LE 43.7 million, respectively, while Arab investors were net sellers with LE 69.4 million. Top gainers included General Company for Ceramic & Porcelain, QALA for Financial Investments, and Egyptian Arabian Themar Co. for Securities & Bonds Brokerage EAC. Conversely, Suez Canal Company for Technology Settling, Delta for Printing & Packaging, and Misr Cement Qena were among the top decliners.
Must ReadUS President Donald Trump announced on Thursday, April 23, 2026, that he has directed the navy to "shoot and kill" any boats involved in laying mines in the Strait of Hormuz. This directive comes amid heightened tensions with Iran over the critical waterway. Trump also stated that US minesweeping operations in the strait would be intensified "at a tripled up level" to ensure the security of the vital shipping route. He emphasized that there would be "no hesitation" in targeting mine-laying vessels, asserting that Iran’s naval fleet was already "at the bottom of the sea." This action occurs as Washington pressures Tehran to fully reopen the strait, which is a key global shipping route for approximately 20% of the world’s oil supply. The US has implemented a naval blockade on Iranian ports to compel Iran to reach an agreement with the US to end the war, while Iranian Revolutionary Guards’ gunboats have been firing at vehicles in the strait.