🇪🇬EgyptNorth Africa
Egypt targets 5.4% economic growth and increased investment in 2026/2027 fiscal plan
via Egypt Today2 min read
Egypt's government aims for 5.4% economic growth in the next fiscal year, with projections reaching 6.8% by 2029/2030. The plan emphasizes expanding investment and private sector participation, targeting LE 3.7 trillion in total investments, with the private sector expected to contribute 59% initially and 64% by the end of the medium-term plan. The investment rate is forecast to rise from 17% of GDP next year to 20% by 2030. Growth is anticipated to be driven by real economy sectors, particularly manufacturing, which is projected to contribute 29% of total growth. Other key sectors include trade, tourism, construction, and agriculture, collectively accounting for 64% of economic expansion. GDP is projected to reach LE 24.5 trillion in FY2026/2027 and grow to LE 36.8 trillion by the end of the decade. The plan also prioritizes human development, with health sector allocations increasing by 25% and pre-university education spending rising by 11.5%. Social protection funding is set to increase by 57%, and infrastructure investments will continue across sectors like water, housing, irrigation, and renewable energy. The "Haya Karima" initiative remains central, focusing on completing its first phase and rolling out a second phase to improve rural living conditions. While global challenges persist, they are seen as opportunities for industrial localization and increased exports. The plan's success will be measured by both growth figures and improvements in citizens’ quality of life
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This summary was AI-generated from a story originally published by Egypt Today.
Egypt has officially adopted the U.S. Federal Motor Vehicle Safety Standards FMVSS, a move intended to expand automotive trade with the United States and increase access to American-made vehicles and parts. The announcement was made during a visit by U.S. Assistant Secretary of Commerce for Industry and Analysis Steven Haines to General Motors' production facility in 6th of October City. He was joined by U.S. Chargé d’Affaires Robert Silverman, Minister of Investment and Foreign Trade Mohamed Farid, Minister of Industry Khaled Hashem, and General Motors Egypt General Manager Rohan Fernandes. Haines stated that this decision creates a clear pathway for increased U.S. vehicle and auto parts exports to Egypt, building on over $256 million in U.S. automotive exports to Egypt last year. The U.S. Embassy indicated that adopting these standards will streamline imports of U.S. vehicles and components, enhance competition in Egypt's automotive market, and offer consumers greater access to American-made vehicles and spare parts. General Motors welcomed the development, noting it provides greater regulatory certainty and has already facilitated the return of the Cadillac brand to the Egyptian market. This agreement is also expected to strengthen bilateral economic ties by supporting U.S. automotive exports and creating new opportunities for Egyptian businesses and consumers.
Egypt has strongly condemned recent threats targeting Saudi Arabia, rejecting any escalation that could jeopardize the Kingdom's security or regional stability. In an official statement, the Ministry of Foreign Affairs denounced these threats as irresponsible actions that undermine regional stability, endanger international trade, and threaten maritime navigation in vital waterways. The ministry stated that these actions violate international law, the United Nations Convention on the Law of the Sea, and relevant UN Security Council resolutions. Egypt reaffirmed its full solidarity with Saudi Arabia and other Gulf Cooperation Council member states, expressing complete support for measures taken by the Kingdom to protect its security, stability, sovereignty, and territorial integrity. The statement also emphasized the importance of prioritizing political and diplomatic solutions while adhering to international legal frameworks to achieve de-escalation and maintain long-term peace in the region.
Egypt’s Minister of Foreign Affairs, International Cooperation, and Expatriates, Badr Abdelatty, met with Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, in Abu Dhabi. The ministers praised the strong Egyptian-Emirati relations, guided by the directives of Egyptian President Abdel Fattah El-Sisi and UAE President Sheikh Mohammed bin Zayed Al Nahyan, and reaffirmed their commitment to deepening bilateral cooperation. They condemned Iranian attacks on Arab states, with Abdelatty expressing Egypt's solidarity with the UAE and GCC countries, calling for an immediate halt to escalatory actions. Both officials emphasized the importance of preserving freedom of navigation in the Strait of Hormuz and rejected efforts to restrict transit through international waterways. The meeting also included discussions on regional developments in Sudan, Palestine, Syria, and Lebanon, with an agreement to maintain close coordination for regional security and peace.