Egyptian Prime Minister Emphasizes Policy on War and Regional Cooperation

Egypt: Egyptian Prime Minister Mostafa Madbouly clarified the nation's stance on military engagements and highlighted Egypt's strategic regional interactions in a recent press conference. According to Kuwait News Agency, Prime Minister Mostafa Madbouly emphasized on Wednesday the necessity of building "comprehensive power" to deter any attempts to drag Egypt into conflicts. He stated that Egypt "will not be drawn into wars unless there is a direct threat to the borders and resources of the state." Madbouly expressed concerns over the potential regional effects if the ongoing war escalates to include nuclear and oil facilities, emphasizing the importance of being prepared for any scenarios. The Prime Minister also touched on the economic implications of regional conflicts, noting a significant drop in revenues from the Suez Canal, which are currently only at 40% of their usual levels due to threats to navigation. He stressed the need for transparent communication about the state's responsibilities in various potential scenarios to effectively address them. Furthermore, Madbouly discussed the recent visit of Saudi Crown Prince Mohammed bin Salman to Egypt, describing it as a significant event amidst current regional tensions. He revealed that discussions with the Saudi delegation included full coordination on regional conditions and joint investments in industries, including new and renewable energy projects like the Egypt-Saudi Arabia interconnection project. On regional development, the Prime Minister announced plans to study funding developmental projects in the Nile Basin countries, aiming to strengthen Egypt's role and relationships in Africa, particularly with southern Nile Basin countries. Regarding domestic economic policies, Madbouly clarified the state's approach to the public offering program involving Egyptian airports, asserting that the initiative focuses on management and operation, not sale. Airports remain public facilities owned by the Egyptian state. He also differentiated the offerings in th e banking sector, noting that some state-owned and private sector banks might offer shares, but they continue to operate under private banking regulations.