PM outlines government priorities for economic growth, public services at Egypt Forum 2026

CAIRO, Oct 24 (MENA) – Prime Minister Mostafa Madbouly outlined government plans to improve living standards, expand employment opportunities and strengthen public services during Egypt Forum 2026, held from October 19 to 24 under the patronage of President Abdel Fattah al-Sisi.

The six-day forum, held under the theme “A Look at Today, a Vision for Tomorrow,” was attended by government officials, experts and citizens to discuss economic challenges, development projects and their impact on everyday life.

Throughout the event, Madbouly addressed public concerns about education, housing, social protection, energy prices and economic reform, explaining the government’s spending priorities and plans to increase household incomes.

Madbouly said education remained a government priority, with efforts focused on reducing classroom overcrowding, addressing teacher shortages and improving teaching standards.

He discussed reforms to secondary education, including the introduction of the baccalaureate system, which provides students with additional opportunities to improve their examination results.

On urban development, the prime minister said Egypt’s national plan through 2052 included 39 new cities, with 27 already completed or under development.

He estimated that between 14 million and 15 million people currently live in new cities, explaining that the projects aim to reduce pressure on overcrowded urban areas and create employment opportunities.

Madbouly said the government had built more than two million housing units since 2014 and developed unsafe residential areas previously occupied by more than 350,000 families.

He added that the first phase of the Decent Life rural development initiative covered 1,477 villages, with investments exceeding LE450 billion.

The government is also preparing housing programs that include rental units, social housing and homes for middle-income families, with delivery planned over the next four years.

Addressing the rising cost of living, Madbouly said the government remained committed to protecting vulnerable households and improving the distribution of subsidies.

He said approximately 4.7 million families currently receive support through the Takaful and Karama program, which has assisted around 8.2 million families since its introduction.

Food and bread subsidy allocations have increased from LE 32.8 billion in the 2013/2014 financial year to approximately LE 178 billion this year, according to figures presented by the prime minister.

Madbouly also discussed the government’s response to higher global energy prices, explaining that the state had chosen to absorb additional costs rather than pass the full burden on to citizens.

He clarified that his earlier remarks about possible electricity cuts concerned hypothetical scenarios and did not constitute an announcement of planned power outages.

The prime minister said Egypt was accelerating its renewable energy plans, targeting a 45 percent share of the energy mix by 2028 and 50 percent by 2030.

He estimated that upgrading electricity networks to support the 2028 target would require investments of approximately LE 200 billion.

Madbouly presented the main objectives of Egypt’s proposed national economic transformation program for 2027–2030, which aims to increase production, strengthen private-sector participation and create more jobs.

The program targets economic growth of 6.8 percent by the 2029/2030 financial year, compared with 5.1 percent in the latest financial year.

It also aims to reduce inflation from 13.3 percent to between 5 percent and 7 percent, lower unemployment from 5.8 percent to 5.5 percent, and increase total investment from 12.7 percent to 20 percent of gross domestic product.

The government also plans to raise the private sector’s share of investment from 57.7 percent to 67 percent and increase tax revenues through a broader tax base rather than introducing new taxes.

Madbouly said the program would include measures to improve wages, increase personal income tax exemptions and expand access to healthcare, education and housing.

He reported that Egypt’s foreign currency reserves had reached $57.3 billion by the end of September 2026, compared with approximately $16.7 billion in the 2013/2014 financial year.

However, he said high debt-servicing costs, inflation, population growth and pressure on household purchasing power remained major economic challenges.

The prime minister announced that the program would undergo public consultations before its expected completion at the end of December.

During a session on entrepreneurship, Madbouly announced plans to establish a unit affiliated with the Cabinet to support startups and coordinate government efforts to address obstacles facing entrepreneurs.

The proposed unit would help emerging businesses secure support, access financing and expand into regional and international markets.

Madbouly said strengthening entrepreneurship and private investment would be important to creating employment opportunities and supporting economic growth.

Across the forum’s discussions, the prime minister maintained that the government’s development plans should produce measurable improvements in citizens’ lives, including better education, affordable housing, stronger purchasing power and more employment opportunities.

He said future economic policies would seek to balance long-term development with the immediate needs of Egyptian households, while directing more resources towards essential services and social protection. (MENA)

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