Egypt’s Ministry of Planning, Monitoring, and Administrative Reform has announced the sustainable development plan’s second year objectives for Egypt’s labour force and unemployment rates in fiscal year 2019/2020.
Minister of Planning Hala El-Saeed said on Thursday that the country’s workforce is expected to reach 31.7 million people during FY 2019/2020, compared to 30.9 million in FY 2018/2019, a 2.6 percent increase.
The minister added that the plan, which targets a growth rate of 3.2 percent, involves measures to encourage heavy-labour projects to decrease unemployment rates. These include increasing funding from the Micro, Small & Medium Enterprise Development Agency to EGP 5.6 billion by the end of FY 2019/2020, compared to EGP 5 billion in FY 2018/2019, an increase of 12 percent.
El-Saeed said that SMEs are expected to provide around 376,000 job opportunities during FY 2019/2020, compared to 342,000 job opportunities in FY 2018/2019, rising by 9.9 percent.
The plan also involves adopting incentive programmes to encourage the informal sector to merge into the formal one, she said.
El-Saeed added that the plan aims to activate the role of the non-banking financial sector in providing micro-financing, in addition to providing leasing and finance services for SMEs and boosting mechanisms that help spread the entrepreneurial culture and support exports.