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Saturday, 24 July 2021

Egypt’s GDP expected to grow to 7.1 tln, total investments to surge to 1.25 tln in FY2021/2022

Minister Hala El-Said also said the FY2021/22 draft budget targets allocating EGP 358 billion in governmental investments and EGP 269 billion for the public economic authorities

Doaa A.Moneim , Sunday 25 Apr 2021
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Egypt’s GDP (in current prices) is expected to grow by 11.7 percent in FY2021/2022 (starts in July) to reach EGP 7.1 trillion, up from EGP 6.4 trillion achieved in the current FY2020/2021, as according to Minister of Planning and Economic Development Hala El-Said.

El-Said's statements came while delivering the closing statement of Egypt’s development plan - included in the FY2021/2022 budget plan - before the Parliament's general assembly meeting held on Sunday.

El-Said also reviewed Egypt’s sustainable development medium-term plan, which ends FY2021/22.

El-Said added that the FY2021/22 budget plan targets a significant surge in total investments - compared to the previous fiscal years - to post EGP 1.25 trillion, a level that Egypt is expected to reach for the first time.

She also noted that the government intend to pump huge investments in FY2021/22, with the aim of directing 38 percent of total investments to the commodities sector, including agriculture, industry, energy and construction areas.

Addition, 35 percent of the total investments will be allocated for production services and 27 percent will be appropriated for social services, including education and health among other sectors, as according to the minister.

El-Said also said the FY2021/22 draft budget targets allocating EGP 358 billion in governmental investments and EGP 269 billion for the public economic authorities.

The minister then stressed that Egypt’s development plan comes in line with Egypt’s 'Vision 2030' and delivers on the constitutional principles concerning the allocations for health, education and scientific research, in addition to targeting an increase in green investments to represent 50 percent of the public investments by FY2024/25.

For the health sector, El-Said revealed that EGP 47.5 billion were allocated for the health ministry in FY2021/22, with a growth of 205 percent. This allocation is to improve the sector and the services it introduces, in addition to supporting the medics and manufacturing localisation efforts.

As for the education sector, the minister expounded that EGP 56 billion were allocated for the sake of upgrading the sectors’ infrastructure, improving its competitiveness and supporting its digitisation.

Regarding the housing sector, the minister said that FY2021/22 includes EGP 176 billion in total investments in order to execute a number of projects and initiatives within the sector, including the water and sanitation area.

For the exports sector, El-Said noted that the FY2021/22 draft budget targets increasing non-oil exports by at least 10 percent with the continuity of extending export subsidies for the sector’s companies.

El-Said also stated that EGP 43 billion were allocated as total investments for the electricity sector in FY2021/22 in order to implement a number of critical projects.

Investments directed to information and communication technology (ICT) are expected to rise as well to reach EGP 18.6 billion and grow by 86 percent, according to as El-Said.

For the tourism sector, the minister said that tourist arrival flow is expected to grow by 55 percent, through which tourists' numbers are to exceed five million in FY2021/22.

She also clarified that FY2021/22 targets EGP 245 billion in investments for the transport sector; for the sake of reinforcing its infrastructure and improving its activities.

The minister then added that FY2021/22 targets to direct EGP 146 billion in investments for economic authorities across the state.

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