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Tuesday, 21 May 2019

EGP 77 bln in investments directed to transportation sector, says Minister of Planning

Total investments amount to EGP 77 billion announces Minister of Planning Hala El-Saeed

Ahram Online , Thursday 6 Sep 2018
Minister of Planning
Egypt's Planning Minister Hala El-Saeed (Photo: Al-Ahram)
Views: 3662
Views: 3662

Minister of Planning Hala El-Saeed announced Thursday that the total investments directed to the transportation sector in the sustainable development plan amounted to EGP 77 billion in 2018-2019 fiscal year, compared to EGP 65.7 billion in the previous fiscal year which ended on 30 June 2018.

The increase in investments directed toward this sector is due to its importance as a key player and main catalyst in the economic and social development of the country, according to the statement.

Transportation networks such as railways, land routes and navigational channels are the lifelines of current economic and social activity that promote prosperity.

The output of the transportation sector represents an important input in the production of many sectors, such as trade, manufacturing and extractive industries, she added.

The plan aims to increase the growth rate of the transportation sector to 4.1 percent for fiscal year 2018-2019, compared to a growth rate of 3.2 percent in FY 2017-2018, and it is expected to increase to 7.5 percent by FY 2021-2022, as outlined in the statement.

In addition, the plan targets the transportation sector to contribute to the economic growth by 3.6 percent in fiscal year 2018-2019 to 4.4 percent in 2020.

Speaking about the projects and programs in the targeted sector, El-Saeed pointed out that the cost of implementing development measures for the sector in the Ministry of Transport and its affiliates amounts to about EGP 40.7 billion for fiscal year 2018-2019, with investments accounting for 58 percent of the cost.

It is also intended to direct public investments toward implementing a series of reforms supporting the transportation sector, the most important of which is the development of the railway network, expansion of the underground metro and national road network, as well as the improvement of maritime, land and river networks.

Reforms targeting the railway network constitute 33% of the total cost of the program, followed by the expansion of the underground metro which makes up 21 percent of the budget.

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