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Egypt's total public investments record EGP 80 bln in Q1: Minister

MENA, Ahram Online, Sunday 23 Dec 2018
File Photo: Egypt's Planning minister Hala El-Saeed (Photo: Al-Ahram)

Egypt's total public investments during the first quarter of the 2018/2019 fiscal year have registered EGP 80 billion, with government investments of about EGP 27.4 billion, Minister of Planning, Monitoring and Administrative Reform Hala El Saeed said Saturday.

Most of the government investments have been directed to develop infrastructure, the minister added in her speech at the opening session of the 5th "Akhbar Al Youm" Economic Conference, which kicked off on Saturday evening and is expected to last for two days.

A total of 18 percent of these investments have been allocated to the sector of construction and public utilities, while the transport sector and electricity sector have been provided with 13 percent and 11 percent of the investments respectively, Saeed said.

In addition, 7 percent of these investments were directed to the health and education sectors with public investments exceeding EGP 5 billion, she added.

The minister stressed the state's keenness on supporting SME sector by implementing the CBE's initiative to allocate EGP2 billion to finance small and medium-sized enterprises, as well as increasing the Upper Egypt-allocated investments to EGP 26 billion compared to EGP 22 billion in previous years.

Egypt has achieved positive growth rates in all economic sectors, driven by the leading the growth of foreign direct investment sector, Saeed said.

She affirmed the industry sector's vital role in achieving sustainable development and applying Egypt Vision 2030.

The minister said reforming the administrative apparatus is the cornerstone in achieving the national program for economic and social reform. 

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