Egypt’s Economic Nightmare: How Sisi’s $300 Billion Project Spelled Disaster For Egypt

Egypt's economic woes worsened under President Abdel Fattah el-Sisi, whose ambitious $300 billion New Administrative Capital project has exacerbated poverty and inequality. Sisi's regime faces a severe debt crisis, forcing austerity measures that disproportionately burden the poor while enriching military elites and their allies. Despite massive investments in mega-projects, Egypt's economy remains stagnant, with rising poverty rates and a growing dependence on foreign loans and investments to stay afloat. The country's future looks uncertain as economic policies favoring the wealthy deepen social divisions and weaken public finances.

As reported by Middle East Eye, last autumn Egyptian President Abdel Fattah el-Sisi delivered a speech in Cairo's New Administrative Capital, a $300 billion project that would ultimately define his reign.

He stated that hunger was a minor price to pay for progress: "If growth, prosperity, and development come at the cost of hunger and deprivati...