CAIRO, June 4 (MENA) – Prime Minister Mostafa Madbouli said Egypt’s foreign currency needs have been fully covered through local resources for the third month in a row, according to the Central Bank.

In press statements on Wednesday following the cabinet's weekly meeting, Madbouli stated that Egypt produced over 10 million tons of wheat this season, meeting subsidized bread needs, and continues to expand exports, which reached $10.6 billion in agricultural products last year across 160 countries.

He added that the state is focused on reviving strategic industries like textiles through heavy investment and private sector management contracts, while older factories in other sectors may be phased out due to outdated capacity.

On textiles, Madbouli noted that state-owned factories are being modernized with investments reaching EGP 60 billion, and will be operated by the private sector to maintain efficiency and asset value.

He announced plans to introduce locally assembled electric vehicles, including models to replace aging taxis under a presidential program. These will be offered with structured payment options.

Regarding housing, he said that the state continues to offer deeply subsidized units, covering up to 60% of the actual cost, which the private sector cannot match under profit-driven models.

Madbouli also noted expanded support for carbon credit trading, allowing projects that reduce emissions to issue certificates for market exchange. This contributes to Egypt’s international climate pledges.

In real estate, he pointed to growing investments in desert zones, backed by incentives and infrastructure, and reiterated the government’s commitment to stable monetary and tax policy to support investor confidence.

(MENA)

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