Finance Minister Ahmed Kouchouk said the government acted swiftly and proactively in response to the current exceptional challenges, in a way that ensured the continuity of economic activity and the availability of goods and essential supplies.

 

Speaking in response to journalists’ questions during a press conference on the new fiscal year budget, Kouchouk noted that the government’s “proactive and rapid response” is welcomed and positively received by institutions, credit rating agencies, and investors.

 

He added that Egypt remains committed to its economic reform path to stimulate investment, production, exports, and growth, noting that the government is targeting three state offerings before the end of the current fiscal year.

 

He stressed continued momentum in reforms and offerings, alongside efforts to enhance private sector participation and contribution to economic activity.

 

Kouchouk said the government is working to provide more attractive economic opportunities to draw investment inflows, highlighting that more than 20 new projects are implemented under public-private partnership (PPP) schemes.

 

He also pointed out that EGP 120 billion has been allocated to support the energy sector in the upcoming fiscal year budget, with efforts focused on improving energy efficiency, expanding into new and renewable energy, and boosting investments to upgrade transmission and distribution networks.

 

He clarified that financial allocations are in place to accelerate work on El Dabaa nuclear power project in line with its ambitious timeline.

 

The minister said the government is also working to transition to more efficient transportation methods across public sector entities.

 

Kouchouk stated: “Each year, we hedge around 50% of our petroleum product needs, and we are looking into expanding this approach,” noting ongoing coordination with the ministries of irrigation and agriculture on a new initiative to rationalize water consumption through modern technology.