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The Latest Breaking News from Mohamed Maait

Egypt Releases $23 Bln Worth of Imported Goods Since January

Egypt has released $23 billion worth of imported goods, merchandise and products from the country’s ports and customs since January, announced Minister of Finance Mohamed Maait on Monday. Speaking at a press conference, Maait emphasized that the acceleration of the customs release process prioritized basic commodities, food manufacturing products, and…

Asharq Al-Awsat

Egypt Expands the Beneficiaries of Initiative to Support Productive Sectors

Egyptian Finance Minister Mohamed Maait said there was no alternative to enhancing the contributions of industrial and agricultural production to the structure of economic growth. Maait announced the government’s plans to expand the base of beneficiaries of the initiative to support the productive sectors, industry, and agriculture by setting a…

Asharq Al-Awsat

Egypt Launches Initiative to Ease Debts of Developing Countries

Egyptian Finance Minister Mohamed Maait called on Tuesday for easing the debts of developing countries by launching new consultations that “makes the debt crisis part of the solution”. Maait presented the “Sustainable Debt Coalition” to transform the debt burdens of developing countries into sustainable solutions for green recovery. The minister…

Asharq Al-Awsat

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African nations consider swapping debt for climate funding

African countries saddled with debt and ravaged by losses and damages from extreme weather events like cyclones, drought and extreme temperatures have agreed to consider swapping debt to invest in climate action in a meeting of finance ministers in the Ethiopian capital

The Independent UK

Moody's Drops Egypt's Rating to B3

Egypt's dollar-denominated government bonds fell after Moody's cut the country's credit rating from B2 to B3 late Tuesday. The agency changed its outlook for Egypt to be stable from negative. Egypt has continued to face a shortage of foreign exchange, despite allowing the Egyptian pound to depreciate sharply in the…

Asharq Al-Awsat

Egypt Targets 5.5% GDP Growth in FY2023/24

Egypt is targeting GDP growth at 5.5% in fiscal year 2023/24, its Finance Minister Mohamed Maait said in a circular on Saturday.

Asharq Al-Awsat

Egypt Opens its Doors to Chinese Investments in Strategic Industries

Egypt’s Finance Minister Mohamed Maait said that his country was opening its doors to Chinese investments, which have greatly increased over the past ten years. In 2017, China became the sixth largest investor in Egypt.

Asharq Al-Awsat

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Egypt Seeks to Reduce African Countries’ Debts via ‘Green Investment’

Egyptian Finance Minister Mohamed Maait has said Cairo intended to announce initiatives to reduce the debts of developing and African countries. Such an objective could be reached by reinforcing funding opportunities that motivate green transformation, reducing harmful emissions, relying on clean energy, and ensuring cooperation among giant funding institutions to…

Asharq Al-Awsat

Egypt to Join the New Development Bank within Weeks

Egypt is moving forward with the procedures of officially joining the New Development Bank (NDB), which was established by the BRICS countries to enhance cooperation in infrastructure and sustainable development. The Egyptian parliament is scheduled to officially discuss the final procedures for Cairo to join the Bank in the coming…

Asharq Al-Awsat

Egypt Earning $500 Million Monthly from Gas Exports

Egypt is earning about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion “in the coming period,” Finance Minister Mohamed Maait said in a statement on Thursday. The statement, based on comments by Maait at a Bloomberg forum, gave no comparative figures on…

Asharq Al-Awsat

Egypt Opens Door to Local, Foreign Investments

Egypt's robust infrastructure and supportive political will that supports the private sector has opened its doors to local and foreign investments to achieve comprehensive and sustainable development, said the country's Finance Minister. Mohamed Maait met with the CEO of the International Islamic Trade Finance Corporation (ITFC) and Islamic Corporation for…

Asharq Al-Awsat

Egypt Approves Extraordinary Measures to Limit Rise in Prices

Egypt approved extraordinary measures aimed at facilitating the release of imports and easing measures on investors and importers to limit the continued rise in prices. Importers in Egypt find it difficult to provide hard currency, which facilitates the release of goods and commodities that have accumulated at Egyptian ports, limiting…

Asharq Al-Awsat

Egypt Sees Budget Deficit Narrowing to 5.6% of GDP this Year

Egypt expects more progress on reducing its budget deficit this year and a foresees a decline in its debt ratio after currency devaluations caused it to rise last year, Finance Minister Mohamed Maait told a news conference on Monday. The deficit was expected to narrow to 5.6% of gross domestic…

Asharq Al-Awsat

Egypt to Stimulate Intra-regional Trade with Jordan

Egypt’s Finance Minister Mohamed Maait called for maximizing cooperation efforts and joint work with Jordan to overcome obstacles and revitalize intra-trade movement. A press statement issued by the Egyptian Ministry of Finance said that Maait reviewed on Wednesday the results of the meetings between the head of the Customs Authority,…

Asharq Al-Awsat

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Asharq Al-Awsat

Egypt Calls on Insurance Industry to Contribute to Africa’s Transformation into Green Economy

Egypt’s Finance Minister Mohamed Maait called on the global insurance industry to actively contribute to Africa’s transformation into a green economy. He urged this industry to be a part of the solution to climate change by supporting investment in green projects. Maait made the remarks during his participation in the…

Asharq Al-Awsat

Egypt Seeks Via ‘Nafeza’ to Boost Ports’ Performance

Egypt’s Finance Minister Mohamed Maait said his country is advancing in the optimal use of modern technology to ensure the speedy and accurate implementation of projects. This comes in line with efforts to lay the foundations for a more advanced digital work environment and governance based on linking all ports…

Asharq Al-Awsat

Egypt, Qatar Agree to Bolster Joint Work Mechanisms

Egypt and Qatar seek to promote the mechanism of their joint work in all fields with an aim to contain the negative repercussions of the Russian-Ukrainian war. On Thursday, Egyptian Finance Minister Mohamed Maait held talks with his Qatari counterpart Ali Bin Ahmed al Kuwari on the sidelines of their…

The Guardian - UK

Let Africa exploit its natural gas reserves, says Mary Robinson

Ex-UN climate envoy says continent’s need for energy is so great it should be able to widely use the fossil fuel

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Asharq Al-Awsat

Cairo Calls for African Coordination to Finance Efforts to Address Climate Change

Egypt has called for coordinating the African stance in financing efforts to address climate change in a way that contributes to enabling the continent to address the phenomenon’s environmental and economic consequences positively and flexibly. Transport Minister Kamel al-Wazir said his ministry’s vision is not limited to transporting goods and…

Asharq Al-Awsat

Egypt Prepares to Issue its First Sovereign Sukuk

Egypt’s Finance Minister Mohamed Maait said his country is preparing to issue its first sovereign Sukuk (Islamic bonds) based on exclusively state-own assets. In a statement published on the government’s official Facebook page on Tuesday, Maait said the state-ownership policy document includes a national strategy to empower the private sector…

Asharq Al-Awsat

Egypt: Fresh Incentives to Attract Private Sector Contribution to Economic Activity

Egyptian Finance Minister Mohamed Maait reaffirmed that his country is looking to raise the private sector contribution to economic activity to 50% by 2025. Maait said that Egypt’s government is constantly working to encourage development investment to improve living standards, public services, economic growth, and job opportunities. Maait’s remarks came…

The Guardian - UK

Egypt says climate finance must be top of agenda at Cop27 talks

Host of November’s summit wants focus to be on ‘moving from pledges to implementation’

Asharq Al-Awsat

Egypt Expects Suez Canal Revenues to Hit $7 Bln by End of Fiscal Year

Egypt expects the Suez Canal's revenues to reach about $7 billion by the end of the current fiscal year, finance minister Mohamed Maait said on Saturday. Tourism revenues are expected to reach between $10 billion and $12 billion by then, despite the Ukrainian crisis, he added. Egypt's fiscal year runs…

Asharq Al-Awsat

Egypt Harvested Over 700,000 Wheat Feddan since April

Egypt has harvested more than 700,000 feddans of local wheat since the harvest season on April 1. Egyptian Finance Minister Mohamed Maait said the country allocated $59.69 million for a down-payment to state grain buyers to purchase wheat from local farmers. Among the world's biggest wheat importers, Egypt is heavily…

Asharq Al-Awsat

Egypt Seeks Increasing Private Sector Participation in Economic Activities

Egypt has a new document for the state ownership policy, a national strategy aimed at maximizing the participation of the private sector in economic activity, announced Finance Minister Mohamed Maait. The Minister indicated that this "reassures" local investors, attracts foreign investments, and enhances the confidence of international institutions. Maait met…

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