Egypt’s planning ministry aims to increase country’s workforce to 31.7 mln in FY 2019/2020
Doaa A.Moneim, Sunday 22 Sep 2019

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.