Egypt's president in his third term promises increased investment

Egyptian President Abdel Fattah al-Sisi was inaugurated for a third term, amidst massive mega-projects that have strained the nation's budget.

In the country's new capital, Egyptian President Abdel Fattah al-Sisi took office on Tuesday for a third term. The largest of the mega-projects that have come to symbolize his presidency and burden the national budget was this one. Speaking at the recently built parliament building, Sisi listed the challenges Egypt has been facing lately and promised to carry on the nation's progress — of which many Egyptians feel excluded — and make progress. Sisi handily won the December election of last year with 89.6% of the vote and no strong opposition.

Some voters supported Sisi's message of stability and security during the Gaza conflict, while others expressed disinterest and believed the outcome was inevitable. After constitutional modifications, Sisi's term ends in 2030. He pledged to raise funds for impoverished programs and involve the private sector, adhering to pledges made to secure an $8 billion deal with the IMF. Egypt is experiencing an infrastructure boom, led by military President Sisi since 2014, driven by economic growth and population growth.

The largest megaproject, the $58 billion New Administrative Capital, is located in the desert east of Cairo, along with an extension of the Suez Canal and road construction. The expansion is aimed at accommodating the country's growing population.