Egypt will continue efforts to curb external debt and attract more foreign investment as part of a broader strategy to ensure sustainable financing for development, Prime Minister Moustafa Madbouly said on Tuesday. The Egyptian prime minister a high-level meeting of the ministerial committee overseeing external debt and foreign borrowing, which included key Cabinet ministers and the Central Bank of Egypt (CBE) officials. The committee discussed progress on reducing Egypt's external debt and measures to better align borrowing with development priorities. "The government remains committed to sustaining the downward trend in external debt over the medium and long term," Prime Minister Madbouly said, adding that increased foreign direct investment (FDI) would help fund high-impact projects and ease reliance on external borrowing. According to a Cabinet statement, the meeting also reviewed the governance framework for foreign loans and assessed efforts to reduce the debt-to-GDP ratio. Discussions focused on redirecting public resources toward priority projects and tightening oversight of public investment. Prime Minister Madbouly emphasised Egypt's push to expand private sector participation in economic activity, calling it a key driver of sustainable development and long-term economic resilience. Egypt's external debt stood at $155.204 billion as of the first quarter of the 2024/2025 fiscal year, according to central bank data, prompting the government to seek greater efficiency in debt management while courting investment to ease fiscal pressures. Attribution: Amwal Al Ghad English
