Egyptian Prime Minister Mostafa Madbouly emphasized on Wednesday that building “comprehensive power” is crucial to deter any attempts to drag Egypt into conflicts or threaten it in this regard.
He affirmed that Cairo has clear principles and “will not be drawn into wars unless there is a direct threat to the borders and resources of the state.” During a press conference, Madbouly stated, “If the ongoing war in the region escalates and targets nuclear and oil facilities, there will be enormous repercussions on the region,” stressing “the necessity for us to be prepared for any scenarios.” He referred to the crisis of the aggression on Gaza and its implications, highlighting the expansion of the conflict to the south and the Bab El-Mandeb Strait, as well as the suspension and threat to navigation, with revenues from the Suez Canal dropping to only 40% of their usual level.
He said, “We do not make statements that provoke fear and pessimism, but we present, in a transparent manner, what our responsibilities as
a state are if any scenarios occur,” assuring that the country’s needs have been well managed and that all scenarios are being considered so that they can be addressed effectively.
On another note, Madbouly pointed out that the visit of Saudi Crown Prince Mohammed bin Salman to Egypt yesterday “carried many important messages at this critical time in the region’s circumstances.” He explained that a significant part of the discussions between the Egyptian president and the Saudi Crown Prince focused on regional conditions and full coordination between the two countries in this context, emphasizing the necessity of ensuring complete coordination between the two countries. He added that discussions with the Saudi side touched on industrial issues, noting that in the coming period, there will be a focus on joint investments in the industrial sector and other areas that are suitable for both the Egyptian and Saudi economies, with an emphasis on following up on new and renewable energy projects, particularly the E
gypt-Saudi Arabia interconnection project.
Regarding the establishment of a mechanism to study funding developmental projects in the Nile Basin countries, Madbouly stated that within the framework of Egypt’s vision and soft power, along with its strategic orientation towards African countries, specifically those in the southern Nile Basin, there would be an aim to assist these countries in partnership with them and highlight Egypt’s important role in this regard.
He noted that Egypt is strongly present in Africa, and this mechanism will contribute to further advancing bilateral relations with the southern Nile Basin countries.
Concerning the offering of Egyptian airports in the public offering program, he said, “We are talking about managing and operating the airports, and airports are not for Sale”, emphasizing that airports are public facilities belonging to the Egyptian state, and any projects that occur within them are for development, management, and operation, but ownership ultimately remains with th
e Egyptian state.
He added that regarding banks, the situation differs because there are banks owned by the state and others owned by the private sector. Thus, what is offered in some banks is either shares or private banks being offered within the state, adhering to private banking regulations.
Source: Kuwait News Agency