CAIRO, Aug 13 (MENA) – Prime Minister Mostafa Madbouly said that the economy is showing strong performance, with foreign reserves rising on the back of real economic activity. Inflation dropped to 13.1 percent in July from 14.4 percent in June, with the second-quarter average down nearly half from last year.
During his weekly press conference following the Cabinet meeting, Madbouly said that inflation fell to 13.1 percent in July from 14.4 percent in June, continuing a clear downward trend.
He added that the average for the second quarter of 2025 stood at 15.3 percent, nearly half the rate recorded a year earlier. Madbouly noted that exports grew by over 22 percent, with remittances and tourism revenues also rising, while Suez Canal income declined due to geopolitical tensions.
The Prime Minister also praised the strong industrial activity, including the signing of a $1 billion investment to establish the region’s largest tire factory in the Suez Canal Economic Zone, expected to produce more than 10 million tires annually within three years.
Additionally, he cited daily progress in industry, expansion of private sector partnerships, and the cultivation of 500,000 feddans under the 1.5 million feddan agricultural project.
On foreign policy, Madbouly reaffirmed Egypt’s unchanging position on its Nile water rights after President Abdel Fattah El Sisi met with Uganda’s president, adding that Cairo supports development projects across the Nile Basin but sees the Blue Nile as a critical source of life.
He also described fruitful talks with Sudan’s prime minister on trade, energy, and shared projects, as well as meetings in Jordan aimed at strengthening economic cooperation, particularly in the energy sector.
Domestically, the Cabinet approved committees to implement the amended Old Rent Law and prepare housing allocation criteria for eligible tenants.
Madbouly reviewed urban development projects, including the restoration of Cairo’s historic district, the reopening of Azbakeya Park, and the completion of the 500-feddan Fustat Central Park by September.
Addressing the energy sector, Madbouly stated that Egypt has maintained power stability despite a record demand of 39,500 MW and extended a gas import agreement to 2040 to reinforce its role as a regional energy hub.
Finally, he stressed that such agreements do not influence Egypt’s political stances, including its firm position on Gaza. (MENA)
