Egypt’s presidential elections have been narrowed down to a two-horse race between former minister of defence Abdel Fattah Al-Sisi and Nasserist politician Hamdeen Sabahy. Both candidates recently released their economic platform, promising prosperity and development in various sectors. With the elections taking place on Monday and Tuesday, the Daily News Egypt lists some of the major economic promises made by both presidential candidates in their economic platforms.
(AFP PHOTO/MAHMOUD KHALED)
Sabahy’s economic platform
Economic platform announced on 3 May. Platform includes 21 projects with specified budgets and timeframe.
No specific target provided for gross domestic product (GDP) growth.
Several employment figures attached to each announced project but without specifying target for decreasing the unemployment rate.
No specific target provided for budget deficit.
No specific target provided for public debt.
Platform aims to establish 1m small and medium enterprises during the first year of Sabahy’s term and 5m after four years.
Platform promised to establish 2,000 production facilities in Upper Egypt over four years.
Sabahy targets to improve tourism to Egypt in order to reach 50m visitors in eight years. Platform also discusses general improvement in the sector.
Platform intends to open 400 mines and quarries where Egyptian youth would be hired and trained by experts from the Egyptian Mineral Resources Authority.
One project includes providing 2.5 GW a year and establishing four solar energy production stations, with a total capacity of 1,000 MW. The project also includes 500,000 solar panels in Egyptian households and commercial buildings
Plan to raise the level of self-sufficiency in grains to 75% and provide farmers with EGP 1bn worth of seeds on a yearly basis. It also includes plans to implant 300,000 acres with cotton and double production of meat and dairy.
Sabahy promises to establish a silicon industrial complex within two years, with a total budget of $250m, along with a poly silicon facility.
(AFP PHOTO / KHALED DESOUKI)
Al-Sisi’s economic platform
Economic platform announced on 20 May. Plan was removed then republished on official website.
Platform addresses sectors but does not specify how many projects it would include. Generally, no budgets or timeframe were provided.
Reaching 7% GDP growth by fiscal year (FY) 2017/2018.
Platform aims to decrease unemployment to 8% by FY 2017/2018.
Platform targets to decrease budget deficit to 8.5% by FY 2017/2018.
Platform seeks to reduce public debt to 74.5% of GDP.
Several promises made to improve SME work environment and offer new financing options, without specifying target
Aside from inclusion in tourism development plan, Upper Egypt addressed in economic platform in a general way without naming specific projects.
Platform promises unprecedented development in the tourism sector, targeting 30m tourists annually through the development of 26 cities and integrated tourist centers across 21 governorates.
22 cities for comprehensive metallurgical industries will be introduced in various Egyptian governorates such as Beheira, Qena, Minya, Aswan, Luxor and North Sinai.
Platform discusses several energy improving steps including use of solar-powered lamps to save energy.
Platform advocates increasing agricultural production through introduction of ‘modern techniques’ which would save 10% water consumption and multiply production eight times. Platform promises to double fish and animal production and improve the irrigation system of 6m acres.
Platform plans to introduce free trade zone in Al-Tur in Sinai, proposing to put up eight new international airports, three new seaports and a major industrial city in Al-Arish.