Egypt’s President Abdel Fattah Al-Sisi affirmed that the state is keen to enhance domestic production of strategic commodities, to reduce the demand for the US dollar.
Al-Sisi’s remarks came during the inauguration of the medical and industrial gases factories and the power generation station in the Chemical Industries Complex of Abu Rawash in Giza on Monday.
He noted that Prime Minister Mostafa Madbouly has a plan for providing the necessary funds for the release of stranded goods in Egyptian ports within four days.
The president addressed the rumours regarding the suggested investment fund of the Suez Canal Authority.
“This fund is a dream,” said Al-Sisi, adding that the canal’s revenues amounted to $220bn from 1975 until now, pointing out that if 10% of that revenue had been deducted and placed in a fund, it could have been used to finance the projects of the Suez Canal Authority.
The president stressed that the fund’s law was revised and approved by the parliament.
He noted that we must have savings to finance development projects, “which is what we did with the Ministry of Health and Population, where a fund of EGP 70bn was established to serve the comprehensive health insurance project and hospital development, pointing out that criteria and requirements have been set in the project and that the state will spend on those who are unable.
The president added that the state sought to produce some strategic industries, such as chlorine and medical gases, to provide for local needs, saying that “the medical gases in Egypt were enough for the local consumption, but the challenge related to COVID-19 motivated the need for more, which prompted us to establish factories to produce these gases,” stressing that the opening of these factories makes Egypt able to face the medical development that could happen in the coming years.
Moreover, Al-Sisi confirmed that the nitrogen fertilizer factory was supposed to open this month, but the global crises postponed the opening, indicating that six factories are scheduled to open in Ain Sokhna during the coming February and March to produce about 700,000 tons of nitrogen fertilizers to meet the desired development in the sector, aiming to add an agricultural area ranging from 2 to 3 million acres within two years.
He said that these factories, once they are put into operation, will provide great stability in this field, in addition to saving hard currency, indicating that the “hydrogen peroxide” plant will avoid importing this substance by 50%, explaining that during the year 2024 another group of factories will be opened to confirm the localization of this industry and its stability in the country.
