Egypt Targets 7-8% Sustainable Annual Growth

The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)
The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)
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Egypt Targets 7-8% Sustainable Annual Growth

The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)
The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)

Egypt’s Planning Minister Dr. Hala El-Saied said Egypt is targeting sustainable annual growth ranging between 7 to 8 percent.

Speaking at the "Story of a Homeland” conference that was inaugurated by President Abdel Fattah al-Sisi on Saturday, she added that despite diverse sources the growth remains unsustainable.

The minister remarked that Egypt aims to boost private sector investments from 36 percent to 65 percent of the overall investments by 2030.

The government is seeking to increase exports to $100 billion during the next five years to attract private investments worth $40 billion by 2060, and to proceed with its plans to boost the private sector's role in the economy.

Speaking at the same event, Prime Minister Mostafa Madbouli said Egypt would manage to produce all its petroleum products next year.

He added that crude oil will continue to be imported but will be refined in the country.

The PM said that the project to double the Suez Canal has replaced the idea of alternative routes.

Egypt plans to expand the length of the canal from 72 kilometers to 82 kilometers.

The canal is a prime source of foreign currency to Egypt.

Sisi had previously stated that the revenue generated from the Suez Canal is anticipated to reach $10.5 billion by the end of the year.

The annual revenues of the canal reached $9.4 billion during the 2022/2023 fiscal year, announced Suez Canal Authority (SCA) chief Osama Rabie in July.

During the G20 summit hosted by India last month, a memorandum of understanding was signed to set up the India-Middle East-Europe Economic Corridor. The IMEC project envisages laying down, alongside the railway line, cables for electricity and digital connectivity, as well as pipelines for clean/green hydrogen export.

Madbouli added that Egypt aims to increase the number of tourists from 15 million annually to 30 million in the next five years.



Qatar National Bank Completes Unsecured $2 bn Inaugural Asian Syndicated Loan

Qatar National Bank Group (QNA) 
Qatar National Bank Group (QNA) 
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Qatar National Bank Completes Unsecured $2 bn Inaugural Asian Syndicated Loan

Qatar National Bank Group (QNA) 
Qatar National Bank Group (QNA) 

Qatar National Bank (QNB) Group, a Qatari public company, announced on Sunday the successful closing of a $2 billion unsecured syndicated term loan facility, focused on Asian investors.

QNB Group Chief Executive Officer Abdulla Mubarak Al Khalifa said, “This facility has attracted strong interest from major Asian banks, enabling us to further diversify our investor base.”

He noted that the issuance was oversubscribed at competitive all-in pricing, which, despite challenging global market conditions, reaffirms the bank’s reputation as a high-quality issuer.

“We view this transaction as a testament to our successful strategy of strengthening our presence as a leading bank in MEASEA while fostering meaningful, long-term relationships,” Al Khalifa said.

QNA Group said the $2 billion facility with a maturity of 5 years is the largest ever Asian pure play syndication by a bank from the GCC has achieved tightest pricing.

It added that this successful transaction involved a largely new investor base and underlines QNB’s strong credentials and is a part of QNB’ strategy to further broaden its relationships worldwide.