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Sisi: Egypt needs $1 trillion a year, but problems won’t be solved

Egyptian President Abdel Fattah Al-Sisi [Egyptian President Office/Apaimages]
Egyptian President Abdel Fattah Al-Sisi [Egyptian President Office/Apaimages]

Egyptian President Abdel Fattah Al-Sisi said yesterday that the country needs at least one trillion dollars for its expenses.

The Egyptian president said in a speech on the sidelines of the inauguration ceremony of the Phosphatic and Compound Fertilizers Complex in Ain Sokhna on the Red Sea in the governorate of Suez: “I was saying at the youth conference, a few days ago, that we need to a budget amounting nearly one trillion US dollars a year for a country the size of Egypt. The newspapers reported it to mean: ‘To solve Egypt’s problems’, but I was speaking about expenses not solving problems.”

Al-Sisi added that the government is working to encourage businessmen through providing industrial zones, land and bank financing.

The project Al-Sisi inaugurated will be the largest industrial establishment for producing fertilisers in North Africa, allowing Egypt to become self-sufficient, and also enable the government to export the surplus. It will provide jobs for around 1,500 workers, according to state-run Ahram newspaper.

READ: World must condemn Sisi’s human rights violations

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