Rosaelyoussef Gate
Wednesday, February 14, 2024
The founder of the “Support Your Country’s Economy” initiative, Legal Advisor Mhanny Youssef, launched a national economic support initiative from the Kingdom of Saudi Arabia, with the participation of hundreds of Egyptians abroad. He addressed the Board of Trustees of the National Dialogue, emphasizing that the initiative aligns with President Abdel Fattah El-Sisi’s call to resume the National Dialogue. He stated that Egypt’s current economic situation can only improve if every citizen—inside and outside the country—assumes responsibility for tangible actions.
Youssef affirmed the vital role of Egyptians abroad during these challenging times. He proposed a project to be funded by Egyptians abroad with an initial capital of $100 million USD to establish an Egyptian joint-stock agricultural company. This company would support the “Future of Egypt” project, which President El-Sisi called for in April 2017 and officially inaugurated on May 21, 2022.
He stated, “We’ve learned and will teach our children that if you want to speak freely, your sustenance must come from your own labor.” Given the global crises and wars that have affected Egypt’s food security, particularly with strategic wheat shortages, the bold presidential initiative to launch the Future of Egypt agricultural project was both timely and necessary. This initiative by Egyptians abroad affirms their loyalty and autonomy, without external pressure. It aims to support Egypt’s economy during a time of currency instability and foreign currency shortages. Hence, the proposal to support the Future of Egypt project was submitted for consideration and approval.
Summary of the Proposed Project:
- Establish an Egyptian joint-stock company managed by Egyptians abroad with a paid-up capital of $100 million USD. Once approved by Egyptian authorities, the company will begin operations, with agreed-upon guarantees for establishment and investment.
Objectives:
- Cultivate 5,000 feddans by Egyptian hands over five stages (one stage per year), aiming to plant 2 million feddans.
- Construct a model feed plant to support livestock and export surplus feed.
- Build grain silos in the project area to preserve produce and minimize waste.
- Support struggling livestock and poultry farms, manufacturers, and investors inside Egypt by allocating part of the company’s capital.
Funding:
- Fully funded by Egyptian expatriates in USD.
- Authorized capital: $100 million.
- Paid-in capital: $25 million.
- No internal or external loans; financed solely by Egyptians.
Direct and Indirect Goals:
- Achieve self-sufficiency in wheat, yellow corn, and other strategic crops.
- Create 10,000 direct job opportunities.
- Increase agricultural production, improve quality and affordability, and export surplus.
- Stabilize the Egyptian pound by reducing imports and increasing USD inflows.
- Restore trust between Egyptians abroad and the state.
- Attract foreign investments by stabilizing markets.
- Support agricultural and livestock production, thus improving national income.
- Mitigate the impact of currency fluctuations on local companies and prevent business closures.
Local Requirements:
- Official state adoption of the project with monthly progress reports.
- Facilitate licensing and land allocation with governmental flexibility.
- Guarantee managerial independence for Egyptians abroad and protect them from internal competition.
Conclusion:
