Egypt’s Minister of Planning and Economic Development Hala El-Saeed has announced that the FY2020/2021 draft budget targets increasing public investments to EGP 280.7 billion, up from EGP 211 billion in FY2019/2020, an increase of 33 percent.
The budget also aims to increase the public treasury’s financed investment to EGP 230 billion, up from EGP 140 billion, a rise of 64 percent, to stimulate both Egypt’s economic activity and its efforts to contain COVID-19 outbreak.
Announcing the FY2020/2021 draft budget’s investment targets, El-Saeed revealed that it aims to increase investments in healthcare sector by 69 percent, rising to EGP 15.3 billion, to cover inclusive healthcare coverage initiatives, including the inclusive health insurance system and the improvement of healthcare services.
For the education sector, El-Saeed clarified that the FY2020/2021 draft budget targets increasing higher education investments by 104 percent to reach EGP 17.8 billion, while it targets increasing pre-university education investments by 35 percent to reach EGP 16.5 billion.
For the transport sector, El-Saeed explained that the FY2020/2021 draft budget targets EGP 36 billion in government investment in the sector with a growth rate of 84 percent for a number of projects, especially roads and bridges under the national road network and the completion of the third and fourth phases of the Cairo metro.
She also added that it targets increasing investments in the housing sector by 75 percent to reach EGP 40 billion.
For and the telecommunication and information technology sector, FY2020/2021 focuses on increasing the sector investment for the first time by 300 percent, to reach EGP 10 billion to improve the sector’s infrastructure and to pursue governmental services mechanization.
FY2020/2021 draft budget also targets further investments in the water resources and irrigation sector by 11 percent, reaching EGP 8.1 billion, to cover a number of initiatives to ensure water security.
El-Saeed illustrated that the Hayah Kareema initiative will also be covered in the FY2020/2021 draft budget through expanding the social protection umbrella to focus on meeting citizens’ needs in the most vulnerable villages, and providing job opportunities.
El-Saeed said that the FY2020/2021 mainly targets improving living standards, especially in education, healthcare and transport in light of Egypt’s strategic vision 2030.