Prime Minister: By 2030, we aim for the percentage of new and renewable energy to reach 42% of the energy mix.
The necessity of making soft loans and financing available to all emerging countries, including Egypt
Dr. Mostafa Madbouly, Prime Minister, began the weekly press conference today, following the government meeting at its headquarters in the Administrative Capital. Al-Jadeeda, noting that this week was full of many important activities and events at the international and local levels, noting the participation of Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, during today’s press conference, to talk about… It was accomplished in the industry file, especially during the past four months, as well as presenting the future vision for this important sector, considering that this file represents the locomotive of development during the current and coming period, and the future of the recovery and strength of the Egyptian economy.
< p>Dr. Mustafa Madbouly began his speech by referring to two important events during this week, the first of which was the extraordinary Arab-Islamic summit held in the Saudi capital, Riyadh, which witnessed the presence of President Abdel Fattah El-Sisi, President of the Republic, Pointing to the most prominent messages included in Mr. President’s important and historic speech, which emphasized the constants of Egyptian policy and complete rejection of the ongoing aggression in Palestine and Lebanon, and the demand of the international community not to have double standards and to intervene decisively to stop this unprecedented and unjustified aggression against our people in Palestine and Lebanon, as well as Egypt adheres to all the constants followed by Egyptian policy during this period, and that there is still an opportunity for the international community to solve this problem in order to avoid aggravation of the crisis. Throughout the entire region, adding that all of Mr. President’s movements and meetings were within the framework of this issue, and that Egypt will continue to adopt the State of Palestine with East Jerusalem as its capital, and to stop the aggression against our people in Palestine and Lebanon, God willing.
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In a related context, the Prime Minister indicated that the second event was the honor, on behalf of President Abdel Fattah El-Sisi, President of the Republic, to attend the United Nations Climate Conference. COP29, held in the Azerbaijani capital, Baku, pointing out that the title and interest of the conference this year was focused on financing and making financing available to developing and emerging countries so that they can implement the commitments they have made in this field, adding during his speech that the issue of financing is the basic problem that the world is talking about, and the promises The precedent is that there are 100 billion annually from developed countries to emerging countries, until they adhere to the specific pledges.
And in this Context: The Prime Minister continued, saying: The challenge is quite clear that in light of the lack of commitment to providing these funds, the implementation of the targets was delayed, and emerging countries began to request that there be availability of grants or soft loans. Because today, in light of the large economic burdens they face, countries cannot be asked to commit to implementing new and renewable energy projects and reducing pollution through commercial loans or in numbers that these countries cannot bear, indicating that this was clear in all the words delivered by the leaders, leaders and presidents. Governments during the summit, and this will be the focus of discussion during the next two weeks throughout the duration of the conference during this period.
The Prime Minister added: During the summit, I emphasized the role The important thing that Egypt is undertaking in this important field, as I pointed out that we have launched the National Climate Change Strategy, the Sustainable Development Strategy, and the National Low-Carbon Hydrogen Strategy, and today we have clear targets, which are that by 2030 we aim for the percentage of new and renewable energy to reach 42%. From the energy mix, as I mentioned by launching the “Novi” platform. For projects in the fields of energy, water, and food in this regard.
Dr. Mostafa Madbouly indicated that there is a very high appreciation for the role that Egypt is playing, as well as for the numbers announced by the government. And he continued: In the speech I delivered on behalf of President Abdel Fattah El-Sisi, President of the Republic, I focused on the necessity of making Soft loans and financing for all emerging countries, including Egypt; So that we can accelerate the steps towards implementing these very large and important entitlements.
The Prime Minister moved on to talk about a number of points related to the economic situation, saying: I was in Azerbaijan, and I was surprised by a rumor. It says that Egypt asked the International Monetary Fund to increase the allocations for the new batch to be $2 billion instead of the announced number, which forced us to deny this. Speech.
He added: The intent very clearly behind launching such types of rumors is to convey that Egypt has a currency crisis, reiterating his denial of this rumour.
The Prime Minister said: I met with Kristalina Georgieva, Director General of the International Monetary Fund in Azerbaijan, where she praised all the steps taken by the government, and confirmed what she said during the press conference hosted by the headquarters of the Council of Ministers. In the New Administrative Capital recently.
He continued: I also want to emphasize that Kristalina Georgieva conveyed these words, as soon as she returned from Egypt, to the Fund’s Board of Directors, in which all countries of the world are represented. Her praise of the reform measures taken by Egypt, and that Egypt is moving on its path and taking the right measures in this regard.
Dr. Mostafa Madbouly added, The mission is present and is scheduled to complete its work next week, and things are going well, referring to the report issued by the Central Bank on Egyptians’ remittances abroad, which showed that during the month of August 2024, remittances increased by 65.5% to record about 2.6 billion dollars, compared to about 1.6 billion. dollars, during the same month of the year 2023, adding that the report also showed that remittances during the period from July to August 2024 witnessed an increase at a rate 76.2%, recording about 5.6 billion dollars, compared to about 3.2 billion dollars during the corresponding period, and therefore things are proceeding regularly and stable.
In the same context, the Prime Minister stressed that we are reassuring all citizens. Our main concern is the availability of currency, and there is continuous follow-up by the Governor of the Central Bank, and things are going well, commenting on what is being raised that Egypt has many dollar obligations. (Instalments and interest of a large amount), that the state was not late in paying the installments even in the midst of the crises it went through, and anyone who closely follows it realizes that the state was not late in paying any installments and did not fail to pay its obligations, reiterating that we are moving strongly in this regard.
The Prime Minister moved on to talk about the automobile industry file, pointing in this regard to the opening of the Swedish Ezz Al-Arab factory to produce the “Proton Saga” car. Malaysian" In Egypt, in conjunction with the visit of Anwar Ibrahim, Prime Minister of Malaysia, with a production capacity of 40,000 cars annually, as a first phase, to be doubled to 80,000 cars annually, during the next phase, which is what we aim for in terms of localizing the automobile industry, pointing out that Discussions are being held with a number of major international automobile manufacturing companies, in an effort to achieve the goal within two or three years at most of there being a huge automobile industry in Egypt, and for it to be a center for these advanced industries, in addition to our encouragement of the automobile industry. Electric cars, etc.
Dr. Mostafa Madbouly then touched on the meetings that were held regarding the entrepreneurship file, referring to the decision that was issued in this regard to appoint an advisor to the Prime Minister For entrepreneurship, Amr Al-Abd, who is one of the successful Egyptian figures in this field and has a long history in it, pointing to the meeting he held earlier this week with representatives of the 10 largest Egyptian companies specialized in this field, all of which represent tangible success stories, with their marketing value. Currently, $3 billion, indicating at the same time that these companies have succeeded and are working to attract foreign direct investments worth half a billion dollars annually, adding that company representatives have pledged, with some measures required from the government, that this number will reach $5 billion during the next four years. These are not exaggerated numbers, given their ability to succeed in this field and the government’s support for these companies, which will pay more attention to this file during the coming period and will move on it forcefully.
The president touched on Ministers to The ruling of the Constitutional Court issued this week on the issue of rents, expressing respect and appreciation for the court’s ruling, and stressing that the government is working in coordination with the House of Representatives to develop different scenarios to implement this ruling, taking into account the concerns of all sectors of society, whether landlords or tenants, to take into account various aspects, in order to The executive copy of this ruling will be developed during the next stage.
At the end of his speech, Dr. Mostafa Madbouly called on the team, a full engineer. The Minister, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, began his speech at the press conference, and presented details of what was achieved in the industry file.
