On Tuesday, the President of Egypt, Abdel Fattah al-Sisi was inaugurated for his third term in office before the parliament as leader of the Arab world’s most populous country.
Sisi, who has ruled for the last ten years, is expected to hold the office until 2030 after defeating three relatively unknown candidates in a December poll with 89.6 percent of the vote.
The 69-year-old’s six-year term is expected to be his last unless he manages to pass another constitutional amendment that extends his office. In his inauguration speech before parliament, Sisi said he “renews his vow to continue on the course to build the nation”.
He further swore to “remain faithful to my work, my eyes seeing only your interest and this country’s”. With billions of foreign loans and investments, he promised “to realise the aspirations of the Egyptian nation to build a modern, democratic state” while Egypt fought a severe economic crisis.
According to local media, the oath also signified the opening of Egypt’s New Administrative Capital, which is situated in the desert east of Cairo. The $58-billion megaproject is the pinnacle of Sisi’s administration, which has lavished Egypt with billions on infrastructure but has come under fire for excessive expenditure that is fueled by debt.
The uprising against Islamist president Mohammed Morsi, who was overthrown in 2013, propelled Sisi to prominence. With over 97 percent of the vote, he was elected president the next year and again in 2018.
His administration has had a difficult time controlling the effects of a severe economic crisis for the last two years, which has caused the currency to lose two-thirds of its value and inflation to surge to a record 40 percent last year.
However, Egypt saw an infusion of over $50 billion in loans and investment deals in the first quarter of 2024, which Cairo claims will alleviate severe shortages of foreign currency and boost the country’s economy.
