Sisi: Egypt needs $100 billion

Egyptian President Abdel Fattah El-Sisi said Egypt needs $100 billion in investment over the next 5 years to bridge the $30 billion gap.

During his speech at the opening of one of the production lines of the Egyptian army-linked Silo Foods plant, Al-Sisi stressed that his country is working to encourage foreign investment through a “gold license”.

Al-Sisi explained that the companies of the Office of National Service Projects are ready to cooperate with the country’s private sector.

He added that the National Service Projects Administration companies in the country pay their obligations to the state, and do not receive benefits from the private sector, as some believe.

During the presidential inauguration of the expansion of Silo Foods, Egypt’s Supply Minister Ali Al Moseli said that his country’s wheat stocks last for 4.5 months, while the country’s sugar stocks, which cover 91% of its needs locally, last for 3. 5 months.

Al-Moselhi added that oil reserves would be enough for his country’s needs for up to 4.9 months, and rice stocks would be enough for up to 3 months, stressing that Egypt experienced a rice availability crisis in the second half of 2022. , and this was overcome by providing pasta as an alternative to the market in collaboration with Silo Foods, which has pumped about 20,000 tons of pasta to the market in recent months.

Source: Bloomberg.