File Photo: Mohamed Maait, Egypt's finance minister, at a Bloomberg Television interview in Cairo, Egypt. (Photo Courtesy of Bloomberg)
Egypt has allocated EGP 12.7 billion ($797 million) for gradual digital transformation in the FY2020/21 budget. The plan is part of the Digital Egypt Project, Minister of Finance Mohamed Maait stated on Saturday.
He added the project targets reinforcing governance and the wise management of state resources. The scheme is also in line with Egypt’s 2030 Vision.
Maait said 90 percent of Egypt’s imports and exports will be electronically managed by the end of December 2020 by the logistic centres system. This is expected to reduce shipments' release time to less than five days, and decrease the cost of customs clearance.
The project is meant to stimulate investment and improve Egypt’s ranking in global indices.
Digital Egypt Project aims to provide government entities with fibre-optic cable connections. Work has been completed in 5,300 government buildings nationwide so far, with a total cost of EGP 6 billion, according to the Ministry of Communication and Information Technology.
The FY2020/21 budget, at EGP 2.2 trillion, is the largest in Egypt’s history. It began in June on the back of pressures Egypt has been enduring since the spread of the coronavirus in mid-February.