Egypt Aims to Increase Proceeds in Dollars to $191 Bln Annually

Egypt aims to increase its dollar revenues to reach $191 billion annually by 2026, compared to $70 billion currently, from current revenues of $70 billion, according to Prime Minister Mostafa Madbouly.

Madbouly indicated, during a press conference held by the government from its new headquarters in the Administrative Capital, that the targeted increase will be achieved by increasing the revenues of the Suez Canal and remittances of workers abroad by about 10% annually, and increasing the revenues of the tourism sector and exports by about 20%.

The revenues of the Suez Canal in the fiscal year ending last June amounted to about $9 billion, while the government targets revenues of $15 billion from the tourism sector this year.

Items expected value in billions of dollars by 2026

commodity exports $88 billion

Remittances of workers abroad $45 billion

Maritime services and the Suez Canal $17 billion

Foreign investment $13

Outsourcing services $9 billion

Tourism sector $20 billion

The government's goals, according to the prime minister, include bringing the value of commodity exports to $88 billion annually, $45 billion from remittances from workers abroad, $13 billion from foreign investment, $17 billion from the maritime services sector and the Suez Canal, in addition to increasing outsourcing revenues to $9 billions annually.