Parliament Approves 2024/2025 Economic and Social Development Plan

During its general session today, the House of Representatives, led by Speaker Counselor Hanafi Gebali, approved the 2024/2025 Economic and Social Development Plan. The session was attended by Dr. Hala El-Said, Minister of Planning and Economic Development; Dr. Ahmed Kamali, Deputy Minister of Planning; Dr. Jamil Helmi, Assistant Minister for Sustainable Development Plan Follow-up; Engineer Nihal Morsi, Assistant Minister for Infrastructure; Dr. Heba Moghazi, Supervisor of the Regional Planning Sector; Ismail Youssef, Supervisor of the Planning and Follow-up Sector; and Dr. Mohamed Maghrabi, Supervisor of the Human and Social Development Sector.

In response to members’ inquiries about the 2024/2025 Economic and Social Development Plan, Dr. Hala El-Said acknowledged their concerns regarding foreign loans. She explained that loans are a financing tool that requires specific guidelines, determinants, and precautions. Therefore, the President’s decision to establish the External Debt Committee aims to monitor the debt situation and set guidelines for the rationalization and governance of external debt.

Dr. El-Said added that the committee has several guidelines, including the requirement for developmental studies for loans, ensuring favorable terms, alignment with state priorities, and directing loans towards technological components or foreign elements with added value that are not available in Egypt, rather than local components. The committee also aims to extend loan periods as much as possible to fund certain investment components that were previously challenging to finance.

Dr. El-Said noted that between 2003 and 2014, there were no investments in infrastructure, resulting in inadequate public transportation and a poor road network. She emphasized that the Egyptian citizen is the country’s most valuable asset and that a robust road network is vital for national development.

She pointed out that investments in Egypt’s road network have reduced road accidents by 34%, according to the automated mortality system managed by the Ministry of Planning and Economic Development.

Dr. El-Said also highlighted the importance of The Sovereign Fund of Egypt (TSFE), which serves as the state’s investment arm. She mentioned the localization of the train industry, a sector that is both technologically advanced and labor-intensive. The industrial fund being initiated focuses on a range of feeder industries to complete the system and reduce imports.