Cairo, Egypt — President Abdel Fattah al-Sisi has approved legislation that restructures the military-affiliated ‘Future of Egypt’authority into a new, comprehensive economic body. This reform grants the entity substantial powers, including the creation of tax-exempt zones, management of state-owned businesses, and oversight of financial and investment funds.
The reformed organization, which now reports directly to the presidency, has been a pivotal player in Egypt’s food security since 2024, managing significant wheat purchases. It has also expanded into sectors such as real estate, energy, and manufacturing. Strategically positioned near major transport links, the ‘Future of Egypt’project has been instrumental in supporting large-scale agriculture, with extensive canal and irrigation developments.
This move marks a significant expansion of the military’s economic role, which has long been a subject of international scrutiny.
The International Monetary Fund has previously advised Egypt to reduce state intervention in the economy, a recommendation that appears to be at odds with the latest restructuring.
The reorganization comes as Egypt aims to achieve a 5. 4% growth rate, a critical target in the face of ongoing economic challenges.
The expanded powers of the new economic authority will be a point of close observation, as the balance between state, military, and private sector interests is a matter of significant public interest.
The ‘Future of Egypt’project, which is situated along the 120-kilometer Rod El Farag–El Dabaa corridor, has already led to the development of infrastructure projects worth approximately 8 billion Egyptian pounds. These projects include internal roads, power plants, and a connection to the New Delta power grid, supporting the creation of roughly 360,000 indirect jobs and 10,000 direct jobs.
As Egypt progresses with its ambitious development plans, the effectiveness of the military — linked economic authority in managing its new responsibilities will be a crucial factor in determining the success of the nation’s economic transformation.
*Additional reporting by ImNews | Sources consulted: 5*
—
This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Chinedu Okafor
