Egypt’s external debt has decreased by over $15 billion in just six months, a testament to the government’s reform initiatives, as announced by Prime Minister Mostafa Madbouly.
During a discussion with several leading intellectuals on urgent national and international matters, Madbouly shared that Egypt’s external debt stood at $168 billion in December 2023 but fell to $152.8 billion by last June.
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He also emphasized the government’s commitment to managing inflation, aiming for rates below 10 percent by the end of 2025.
Additionally, he pointed out that geopolitical tensions in the region have negatively impacted Suez Canal revenues, resulting in monthly losses between $550 million and $600 million over the past six months.
The meeting further addressed water desalination in Egypt, with Madbouly stating that the country currently produces 1.5 million cubic meters of desalinated water daily, a significant increase from 80,000 cubic meters per day in the fiscal year 2015/2016.
Net foreign direct investment (FDI) inflows into Egypt reached a record $46.1 billion in FY2023-2024, a significant increase from $10 billion in the prior financial year.
The latest report from the Central Bank of Egypt (CBE) indicated that net FDI inflows in the non-oil sector rose to $46.4 billion, bolstered by the $35 billion Ras-El Hekma deal. Additionally, FDI in Egypt’s oil sector increased slightly to $5.7 billion, up from $5.6 billion in the previous financial year.
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