Gov’t updates growth forecast for the upcoming fiscal year: The Madbouly government now sees the economy growing at a 4.2% clip in fiscal year 2024-2025, according to a cabinet statement. That’s a 0.2 percentage point upward revision from a projection indicated in a Ittihadeya statement a day earlier. The target is part of the government’s economic and social development plan for the upcoming fiscal year, which was greenlit by cabinet yesterday.

The game plan: Key targets under the economic and social development plan include:

#1- Ramping up private investmentsto about 50% of total investments, in line with the goals of the state ownership policy and the government’s efforts to raise the private sector’s involvement in the economy.

#2- Hiring some 150k school teachers to ensure that new schools deliver quality education, while continuing to build technological universities and push for the accreditation of public universities.

#3- Raising the private sector’s share in healthcare to 50% by 2027 — up from a current 30%.

Also approved by cabinet:

  • A draft law that would allow for the issuance of regulations for the disposal of state properties.
  • A draft decision that would authorize the Suez Canal Authority to participate in establishing Al Alamein Ports and Yacht Management, a joint-stock company that will be tasked with setting up and operating a yacht marina on the North Coast.
  • Amendments to the investment law’s executive regulations that would allow investors to set up private service projects in freezones through partnerships or investment contracts with state entities (following the cabinet’s approval).
  • A draft law that would allow Medlog — the cargo subsidiary of Italy’s Mediterranean Shipping Company — to design, construct, operate, maintain, and finance the new Tenth of Ramadan dry port and logistics center.
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