Luxor, Egypt's governorate, will see 174 development projects with a total public investment of EGP 2.8 billion as part of the country’s investment plan for fiscal year (FY) 2020/2021, with an increase of 45.2 percent compared to FY2019/2020, Minister of Planning and Economic Development Hala El-Said announced.
Luxor’s new investments represent 1.1 percent of Egypt’s public investments, and indicate a 43.7 percent growth in the investments financed by the public treasury and directed to the governorate, according to El-Said.
Reviewing the "Citizen Plan" in FY2020/2021, which was launched last week for the second year in a row, El-Said stated that it targets an economic growth rate of 3.5 percent, in addition to achieving an investment rate of about 10.8 percent, with total investments estimated at EGP 740 billion, and for the unemployment rate to reach about 10 percent.
It also aims to direct EGP 13 billion to encourage self-employment as well as micro, small, and medium enterprises in order to provide 870,000 job opportunities, according to the minister.
She pointed out that 15 percent of public investments were directed to Upper Egypt.
Regarding the sectoral distribution of public investments in Luxor, El-Said expounded that a EGP 1.1 billion investment was directed to the housing sector and informal settlement development, accounting for 38.5 percent of total investments in the governorate in 2020/2021, while the local development sector received EGP 592.1 million — 20.7 percent of investments.
About EGP 580 million was also allocated to the higher education sector, representing 20.3 percent of investments, according to El-Said.
She added EGP 162 million in investments were given to the pre-university education sector, while the irrigation sector received EGP 98 million, and a total of EGP 327.9 million went to other sectors.
Moreover, the minister highlighted the features of the “Decent Life” initiative in Luxor during FY2020/2021, noting that four villages will benefit from the initiative, with an estimated EGP 154.9 million in investments distributed to around 40,600 beneficiaries .
The initiative plans to allocate EGP 723.3 million to drinking water and sanitation services, as well as the pre-university education sector, as it aims to establish 25 schools comprising 444 classes, according to the minister.