Dr. Mostafa Madbouly : The Egyptian constitution guarantees every citizen the right to a healthy environment

Dr. Mostafa Madbouly, Prime Minister, confirmed that Egypt has adopted environmental sustainability standards in national investments and projects, and has launched many initiatives.

We issued green bonds for the first time in the Middle East and North Africa

As well as made efforts to meet the difficult challenges of climate change, including issuing the first ever green bonds and the first of its kind in the Middle East and North Africa region.

Egypt is working on the formulation of the first national strategy for climate change

He stated that Egypt is working on the formulation of the first “national strategy for climate change”, in consultation with the concerned authorities and civil society, under the supervision of the National Council for Climate Change, whose subordination was transferred to the Council of Ministers Presidency.

Egypt’s Vision 2030

Dr. Mostafa Madbouly indicated that Egypt’s Vision 2030 includes the goal of environmental sustainability in an effort to preserve development and the environment together through the rational use of resources, confronting the effects of climate change and the ability to deal with natural disasters.

Egypt’s Vision 2030 includes the goal of environmental sustainability

He explained that the new cities that are being established by countries depend largely on sustainability and technology.

New cities rely heavily on sustainability and technology

He affirmed that the Egyptian state pays attention to the environment file, as Article 46 of the 2014 Egyptian Constitution states that every person has the right to a healthy and sound environment, and its protection is a national duty, and the state is obligated to take the necessary measures to preserve it, not harm it, and rationally use natural resources.

The Egyptian economy

Dr. Mostafa Madbouly stressed that the Egyptian economy is heading towards stability thanks to the agreement with the International Monetary Fund which amounts to a total of $9 billion, including $3 billion from the IMF, $1 billion from the Sustainability Fund, and $5 billion from development partner countries.

He added that the Egyptian state has built over one million housing units, in addition to fourth-generation cities and smart cities, and the volume of investments implemented and ongoing so far to develop slums amounted to 425 billion pounds.

The state ownership document

He affirmed that the goal of the state ownership document is to set a clear and specific regulatory framework to organize the relationship in economic activities between the state and the private sector, and he strongly denied what is being promoted that the state sells its assets.

Egypt has adopted environmental sustainability standards in national investments and projects

Some companies and contributions in some sectors do not have to remain in the government in the medium term, and we put forward the word “exit” and this does not mean that it is a sale, but there are people who are promoting that the state sells its assets, and that “selling” is one of the mechanisms in the the state ownership document, Prime Minister added.

The state ownership document mechanisms

He indicated that among the mechanisms of the state document is that the latter retain ownership of the original, but the management and operation are entirely for the private sector, as there are some projects that need to expand and increase capital, so that the private sector enters and increases the capital, however, the Egyptian state is keen to enable and increase the contribution of the private sector in all aspects of the Egyptian economy.

He pointed out that the Egyptian state should have grown exponentially, given the great challenge of population increase, so that there must always be a new addition to investments from the private sector, and if the private sector cannot meet that, the state must participate in some important sectors to cover the gap.

Real estate export

The prime minister said that Egypt has the ingredients to export real estate and attract foreign investments, but the current situation is the inability to promote real estate, and solutions to address that must be found.

We have the components to export real estate and adopt proposals for foreigners’ ownership of residential units

He added that to remedy this, there are suggestions for foreigners to own housing units and to obtain residency, as the government did before by giving the investor citizenship in exchange for investment.

Solar Energy

Egypt has 13 thousand megawatts surplus in electricity and 110% increase in generation capacity

Dr. Mostafa Madbouly indicated that Egypt was suffering from an electricity deficit of 6000 megawatts in 2015, but after signing contracts to implement some projects at this time, Egypt has 13,000megawatts of surplus capacity available in the unified national electricity network.

He continued,: “If you want to build a country for the next 20 years, and ask any investor to come to settle in these twenty years, you must have a surplus, and we have moved from the capacity or generation of electric power available from 28 thousand megabytes, to 59 thousand megabytes, i.e. 110٪ increase in available electrical generation capacity.”

Benban solar power plant

He indicated, “In 2015, we signed the dream of establishing a solar power plant, and in 2022 the Benban project, the fourth largest solar power plant in the world, became a reality on the ground.”

The dream of the Benban solar power plant has become a reality

“In 2015, Egypt also signed agreements with some international Oil and gas exploration companies, and in 2022, Egypt ranked fifth regionally in gas production with an annual production volume of 58.5 billion cubic meters after the successful discovery of the Zohr field.”

“ This project was planned to enter service in 2021 if we were moving at the normal rate but after raising the implementation rates, Egypt topped the regional ranks in gas production” he concluded.