The Presidency
Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly, and Minister of Tourism and Antiquities, Mr. Sherif Fathy.
Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the President was briefed on the comprehensive executive and logistical details, as well as the arrangements for various events related to the opening of the Grand Egyptian Museum, scheduled for November 1st. This included updates on the progress of work and the ongoing development of the area surrounding the museum. In this context, the President stressed the need to closely monitor all the details on the ground to ensure that the museum’s opening reflects its stature as a global cultural and archaeological landmark, while continuing efforts to enhance the visual appearance of the surrounding area.
During the meeting, the Minister of Tourism and Antiquities also reviewed the latest developments in the tourism investment dossier, highlighting the government’s commitment to attracting more investments to this vital sector. The Minister noted that preliminary indicators show steady growth in demand for Egypt as a tourist destination from various global markets, thanks to continued efforts to develop the tourism product, expand new tourism styles, intensify promotional campaigns, and improve the quality of services. In this regard, the President emphasized the need for the private sector to play a central role in tourism investment, contributing to an increase in tourist arrivals, the development of tourism infrastructure, and the diversification of destinations.
The President also stressed the importance of developing a marketing plan targeting new markets, maximizing foreign currency revenues from tourism, and ensuring the system’s sustainability through effective governance.
The meeting also focused on ways to enhance the tourism sector and develop hotel facilities to accommodate a larger number of tourists. The Minister pointed out that the sector is currently experiencing the highest growth rates and is one of the most lucrative sectors for foreign currency. He also outlined a number of recent measures taken to stimulate the sector, particularly those related to facilitating the conversion of land and buildings for hotel activities, as well as increasing the number of vacation apartments, which will contribute to increasing the capacity of hotel rooms.
At the conclusion of the meeting, the President followed up on ways to strengthen cooperation with UNESCO in the field of protecting and preserving cultural heritage and archaeological sites. The President was briefed on ongoing efforts to restore, develop, and improve the services offered to visitors at museums and archaeological sites, with the aim of enhancing the tourist experience while preserving the cultural heritage.
President El-Sisi stressed the importance of applying sustainable development principles in the management of UNESCO World Heritage-listed sites, and discussed mechanisms for cooperation with UNESCO to develop a comprehensive future vision for the preservation of these sites.
President El-Sisi Meets CBE Governor
Today, President Abdel Fattah El-Sisi met with Governor of the Central Bank of Egypt, Mr. Hassan Abdullah.
Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the President followed up on the latest developments regarding the improvement of various indicators, such as the decline in the exchange rate and the continued decrease in inflation rates.
President El-Sisi was also briefed on the latest updates concerning the strengthening of the banking sector, increasing dollar inflows from various sources, as well as the indicators related to boosting the country’s foreign currency reserves. In this regard, the CBE Governor pointed out that the country’s foreign currency reserves are at highly reassuring levels.
The President emphasized the importance of continuing efforts to secure the dollar needs to provide production requirements and build strategic stocks of various goods, ensuring their increased availability and supply at appropriate prices.
President El-Sisi gave directives to continue efforts to further reduce inflation rates and maintain coordination between the government and the CBE in order to ensure a flexible and unified exchange rate for foreign currencies, while also working on developing alternative credit evaluation models.
President El-Sisi Meets the President of the African Export–Import Bank
Today at Al-Ittihadiya Palace, President Abdel Fattah El-Sisi received President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank), Dr. Benedict Oramah, whose term is set to end in October 2025, and the Bank’s incoming President, Dr. George Elombi, who will lead the institution until 2030. The meeting was attended by Governor of the Central Bank of Egypt, Mr. Hassan Abdullah.
Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi extended his greetings to Dr. Elombi on his election as the new President of the bank, whose headquarters is based in Egypt, and on the approaching commencement of his term. The President also commended Dr. Oramah’s efforts in leading the bank’s activities over the past decade, expressing Egypt’s appreciation for the ongoing partnership with Afreximbank and the bank’s efforts to promote and diversify intra-African trade and enhance Africa’s share of global trade. In this context, Dr. Elombi outlined his plans and vision to further develop the Bank and strengthen its role within the African continent.
Dr. Oramah reviewed the key achievements made during his tenure as President of Afreximbank, notably contributing to the launch of the African Continental Free Trade Area (AFCFTA). He emphasized that the bank would continue to play an active role in Africa under Dr. Elombi’s leadership. Afreximbank officials expressed gratitude for the significant support provided by the Government of Egypt to the Bank over the past years under the leadership of President El-Sisi.
President El-Sisi underscored Afreximbank’s pivotal role in supporting the capabilities of African countries to strengthen manufacturing activities, develop their exports, overcome related structural obstacles, and foster their ability to improve their economic performance. This also contributes to maximizing the benefit from the African Continental Free Trade Agreement and supports the African countries’ efforts in their pursuit of the goals of the 2030 Agenda for Sustainable Development and the Agenda 2063 for Development in Africa. For their part, Afreximbank officials reviewed the Bank’s activities which aim to boost trade rates among African countries, facilitate manufacturing and export development within the continent, and increase the financing available for commercial businesses.
The President discussed Egypt’s efforts to achieve comprehensive development across the country, pointing out the priority Egypt places on increasing its exports, including to fellow African countries, localizing industry in Egypt, and attracting more Foreign Direct Investment to the Egyptian market, given the enormous opportunities it offers in many fields. Opportunities to strengthen cooperation between Egypt and the Bank and ways to increase the Bank’s contribution to implementing major development projects in Egypt were also discussed.
The Governor of the Central Bank of Egypt affirmed his appreciation for Afreximbank’s role in supporting many major development projects within Egypt. He noted the Central Bank’s keenness on supporting Afreximbank and on promoting the existing strategic partnership, particularly since the Central Bank of Egypt is the largest contributor to the African Bank’s capital, in addition to the contribution of five other Egyptian commercial banks to its capital.
The Afreximbank officials welcomed the continued exploration of opportunities to boost the ongoing cooperation between Egypt and the Bank in various fields. They lauded Egypt’s tangible leap in amplifying economic growth rates despite the challenges facing the region, increasing the rates of Egyptian exports, and attracting investments to the Egyptian market, notably following the extensive activities and projects implemented in the field of infrastructure in Egypt.
