Egypt has allocated EGP 3.6 tln for public investments since FY2014/15: Planning ministry

Doaa A.Moneim , Tuesday 14 Dec 2021

Egypt has allocated EGP 3.6 trillion between FY2014/15 and FY2021/22 for public investments, according to Minister of Planning and Economic Development Hala El-Said.

Minister El-Said made the statement at Egypt Economic Summit, which kicked off in Cairo on Tuesday.

Total public investments in Egypt in FY2021/22 increased by 46 percent compared to FY2020/21, reaching EGP 933 billion, and rose by 535 percent compared to FY2014/15, according to the minister.

El-Said also noted that Egypt’s economic reform programme, which has been ongoing since November 2016, has given space for the country’s economy to deal positively with the economic impact of COVID-19, especially since Egypt attained a GDP growth rate of 5.9 percent in FY2019/20, the highest in 11 years.

In addition, Egypt managed to attain a 3.3 percent of GDP growth in FY2020/21 compared to 3.6 percent in FY2019/20, making it among the few countries globally to see growth amid the pandemic.

Minister El-Said said that Egypt’s GDP growth is projected to jump to 5.5 percent up to 5.7 percent in FY2021/22, which ends in June 2022, supported by the 9.8 percent GDP growth achieved in the first quarter.

She also highlighted the efforts made by the government to enhance the role played by the private sector as one of the key pillars of Egypt’s national structural reform programme.