Prime Minister Moustafa Madbouli said Egypt’s successful settlement of all outstanding dues owed to foreign companies represents a strong confidence in the Egyptian economy and reflects the government’s commitment to honouring its obligations. Speaking during a press conference following his inspection tour of a number of development and service projects in Beheira Governorate on Saturday, Madbouli said the total arrears owed to foreign companies stood at around $6.1 billion as of June 30, 2024. While the government had targeted clearing the debt by the end of June 2026, Egypt succeeded in settling the final payments on June 10, 2026, ahead of schedule. The prime minister noted that the move had been positively received internationally, with several global stakeholders commending Egypt’s fulfilment of its commitments and the government’s seriousness in settling companies’ dues. He described the accomplishment as a strong signal of confidence in the Egyptian economy and evidence of the government’s ability to eliminate the debt burden in less than two years under the direct directives of President Abdel Fattah El Sisi, who closely monitored the file on a monthly basis. Madbouli highlighted Beheira’s strategic importance as one of Egypt’s largest governorates in terms of both area and population. He said his tour began at the Edku Park project, a joint initiative involving Beheira Governorate, international institutions and civil society organisations, which transformed a neglected area into a modern recreational park serving residents of Edku City. He added that he had directed Beheira Governor Jacqueline Azar to replicate the successful Edku Park model across the governorate’s cities over the coming period. The prime minister also reviewed the extensive development works underway along the International Coastal Road, noting that Egypt has already upgraded significant sections of the more than 800-kilometre route stretching from Port Said to Salloum, including the Alexandria–Marsa Matrouh section and the ongoing development of the Marsa Matrouh–Salloum segment. He stressed that upgrading the Port Said–Alexandria section was particularly important due to heavy freight traffic serving numerous industrial zones. Following directives from President Sisi, the road was expanded to three lanes in each direction, including a dedicated lane for heavy trucks, enhancing road safety and preserving the infrastructure. During his visit to the West Delta Deep Marine natural gas production sites operated by Rashid Petroleum Company, as well as the Idku liquefied natural gas (LNG) plant, Madbouli described both projects as major strategic ventures implemented in partnership with leading international energy companies, including Shell, Chevron, TotalEnergies, and Kuwait Foreign Petroleum Exploration Company (KUFPEC). He underlined the strategic significance of the Idku LNG plant, describing it as one of the largest energy infrastructure projects in the Middle East with investments exceeding $10 billion. He said Egypt’s advanced gas infrastructure has enhanced its position as a regional energy hub and enhanced the confidence of neighbouring countries in its capabilities. Madbouli added that the Idku facility is expected to benefit from the planned connection with the Cypriot gas field once completed, allowing Cypriot natural gas to be transported to Egypt for liquefaction and re-export. He said this aligns with President Sisi’s vision of transforming Egypt into an integrated regional hub for energy trade and gas exchange. During his tour of Rashid City, the prime minister inspected King Farouk’s Palace in Edfina, a historic landmark that previously served as a faculty of veterinary medicine affiliated with Alexandria University. He said the building was vacated two years ago and that authorities are currently studying the best options for utilising the palace as a tourism and hospitality destination following the completion of restoration works and the upgrading of its surrounding gardens. Madbouli noted that Rashid ranks second only to Cairo in the number of Islamic monuments it contains. He stressed the government’s efforts to restore and repurpose these heritage sites, alongside the development of the Rashid National Museum and the entire old district into an integrated archaeological and tourism destination through co-operation between the Ministry of Tourism and Antiquities and Beheira Governorate. The prime minister also inspected Rashid Hospital, established in 1934 and considered one of Egypt’s oldest hospitals. He said the facility had undergone comprehensive modernisation and now provides advanced healthcare services to residents of Rashid and neighbouring areas, including Kafr El Sheikh Governorate and Motobas district. Madbouli noted that the hospital is currently being equipped with a state-of-the-art CT scanner, which will further enhance medical services alongside neonatal incubators and intensive care units for both adults and children. Concluding his tour, Madbouli inspected Rashid Fishing Port, which was established several years ago and is now in its final preparation stages ahead of becoming operational. He highlighted Rashid’s long-standing expertise in yacht manufacturing, noting that yachts produced in the city and other Egyptian areas are exported to Gulf and European markets. He reaffirmed the state’s commitment to expanding this promising industry due to its high added value to the national economy. The post Madbouli: Clearing foreign companies’ dues sends strong message of confidence in Egypt’s economy appeared first on Egyptian Gazette.
