CAIRO: President Abdel Fattah El-Sisi named 10 new ministers, including the finance and investment portfolios, in a Cabinet reshuffle on Wednesday meant to help revive an economy laid low by years of political turmoil and militant violence.
Banking veteran Amr El-Garhy was appointed finance minister and Dalia Khorshid investment minister, a presidency statement said. El-Sissi also named four new deputy ministers — a deputy planning minister and three deputy finance ministers for treasury affairs, tax policy and fiscal policy.
Garhy and Khorshid will face the daunting task of strengthening an economy battered by an acute foreign currency crisis that has hampered Egypt’s ability to import goods and dimmed prospects for attracting direct foreign investment. The central bank devalued the pound last week.
Garhy joins the finance ministry after serving in leadership positions at various finance institutions including Qalaa Holdings, El-Ahli Bank of Qatar and EFG Hermes, one of the Middle East’s largest investment banks.
He replaces Hany Dimian, who oversaw the finance ministry during a period of modest economic recovery after years of anemic.
Egypt’s economy grew around 4.2 percent in 2014-15 and the government has said it expects growth to remain at a similar level in the current fiscal year.
Khorshid takes on the post of investment minister after serving as vice president of Citibank for eight years, holding several posts at Orascom Construction Industries, and most recently serving as chief executive of Orascom Holdings.
Mohamed Hossam Abdelrehim, who served as Egypt’s top judge in 2014-15, was appointed justice minister, filling a role which had been vacant for 10 days since Ahmed Al-Zend was sacked.
Other appointments were ministers for antiquities, the public sector, labor, irrigation, civil aviation, transport, and tourism.
The tourism industry was hard hit after a Russian airliner was blown out of the sky over the Sinai Peninsula in October, killing all 224 people on board. The key defense, interior, and foreign ministers all kept their jobs as did holders of economic portfolios.
Banking veteran Amr El-Garhy was appointed finance minister and Dalia Khorshid investment minister, a presidency statement said. El-Sissi also named four new deputy ministers — a deputy planning minister and three deputy finance ministers for treasury affairs, tax policy and fiscal policy.
Garhy and Khorshid will face the daunting task of strengthening an economy battered by an acute foreign currency crisis that has hampered Egypt’s ability to import goods and dimmed prospects for attracting direct foreign investment. The central bank devalued the pound last week.
Garhy joins the finance ministry after serving in leadership positions at various finance institutions including Qalaa Holdings, El-Ahli Bank of Qatar and EFG Hermes, one of the Middle East’s largest investment banks.
He replaces Hany Dimian, who oversaw the finance ministry during a period of modest economic recovery after years of anemic.
Egypt’s economy grew around 4.2 percent in 2014-15 and the government has said it expects growth to remain at a similar level in the current fiscal year.
Khorshid takes on the post of investment minister after serving as vice president of Citibank for eight years, holding several posts at Orascom Construction Industries, and most recently serving as chief executive of Orascom Holdings.
Mohamed Hossam Abdelrehim, who served as Egypt’s top judge in 2014-15, was appointed justice minister, filling a role which had been vacant for 10 days since Ahmed Al-Zend was sacked.
Other appointments were ministers for antiquities, the public sector, labor, irrigation, civil aviation, transport, and tourism.
The tourism industry was hard hit after a Russian airliner was blown out of the sky over the Sinai Peninsula in October, killing all 224 people on board. The key defense, interior, and foreign ministers all kept their jobs as did holders of economic portfolios.
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