The cabinet of Mostafa Madbouly was sworn on before President Abdel Fattah Al-Sisi Thursday to serve as Egypt’s new government.
The core economic group of Egypt’s cabinet consists of the Ministries of Finance, Public Sector Affairs, Investment, and Industry. Ministers of other economy-related portfolios, such as trade, tourism, and petroleum, were announced.
Mohamed Moeit, was sworn in as minister of finance to replace Amr El-Garhy, who helped lead economic reforms tied to Egypt’s three-year $12bn IMF loan programme.
Prior to Moeit’s appointment, he held the positions of deputy minister of finance for public treasury affairs and head of the economic justice unit. In addition, he served as first deputy minister of finance in 2015 and as deputy to the minister of finance for pension and social insurance from 2009 to 2013.
Amr Nassar was appointed as minister of trade and industry, replacing Tarek Kabil. Nassar was responsible for business development and public image at the company MCV, the authorised agent of Mercedes-Benz buses, where he managed to change the image of the company from a mere domestic player to an international one.
Nassar holds two degrees in engineering in addition to a wide range of credentials in marketing and management.
Hesham Tawfik was chosen as the successor to Khalid Badawi as minister of public sector affairs, who was appointed in January.
Tawfik, who holds an MBA in finance from the University of Petroleum and Minerals in Dahran, Saudi Arabia and a BA in economics from the American University in Cairo, used to serve as the chairperson and chief executive officer of Arabeya Online Brokerage. Also, the new minister was the managing director of Horus Private Equity Fund I and Horus Private Equity Fund III. He served as managing director (portfolio management) of EFG Hermes Private Equity.
