Egypt’s public investments increased by 66 percent during FY2018/2019 and through to FY2020/2021 compared to the previous three years, which resulted in the implementation of many development initiatives, including “A Decent Life” presidential and the survival boats initiatives, Minister of Planning and Economic Development Hala El-Said revealed.
El-Said remarks came as part of a statement on the ministry's performance before the plenary session of the House of representatives on Monday.
During her speech, El-Said unveiled that Egypt’s public investments directed to transport, drinking water and sanitation as well as electricity services sectors witnessed 20 percent growth during FY2018/2019 and through the current FY2020/2021, to reach EGP 500 billion, constituting 32 percent of total public investments, El-Said revealed.
El-Said also said that during FY2018/2019 and FY2019/2020, these investments resulted in the completion of 416 projects in the electricity sector for EGP 95.6 billion and 689 projects in the housing sector for the price of EGP 72.6 billion. This resulted in the rate of sanitation coverage reaching 96 percent in cities and about 37.5 percent in villages.
They also led to implement 145 projects in the transport sector for EGP 33.2 billion and 37 projects in the petroleum sector for EGP 431 billion, which resulted in achieving self-sufficiency in natural gas. 458 projects in the water resources and irrigation sector were also established for EGP 5.6 billion in addition to 20 projects in the agricultural sector, for EGP 4.3 billion.
El-Said explained that the ministry has attached utmost importance to directing the investment plan towards the government's work priorities, to improve the quality of life of citizens and raise the level of services by focusing on sectors that stimulate economic growth and provides decent work opportunities.
Public investments directed to health and education sectors grew by 170 percent during FY2018/2019 and through to FY2020/2021, compared to the previous three fiscal years, to post EGP 150 billion, according to El-Said's statement.
“These investments resulted in the implementation of 1650 projects in the pre-university education sector; the creation, development and expansion of more than 26,500 classrooms in all educational levels; the provision of education services in many of the neediest villages," said El-Said.
This resulted in the targeting of increasing numbers of private universities to 15 and the establishment of nine new technological universities whose outputs are linked to the labor market and to reaching a coverage rate of up to 33 percent at the level of the governorates of Egypt, according to the minister.
She added that these investments also led to the establishment and development of 120 hospitals and health units. As well as increasing the number of childcare beds in hospitals by 87 percent and the number of intensive care beds by 77 percent.
On Upper Egypt, El-Said expounded that EGP 140 billion were directed to the region in public investments during FY2018/2019 and through to FY 2020/2021 reached about EGP 104 billion, with a growth rate of about 27 percent.
On the untapped state-owned assets, El-Said unveiled that the Sovereign Fund of Egypt (TSFE) adopts a program for inventorying unused state assets, expounding that 3,692 assets were counted, 3,470 assets were registered and that integration is underway with the Technical Secretariat for Governance of State Assets, which was transferred to the ministry of planning and economic development.
She also pointed out the conducting of a comprehensive plan to restructure the National Investment Bank (NIB), to resolve financial entanglements between the bank, the creditors, and the debtor, as well as reaching settlement and scheduling agreements amounting to about EGP 115 billion. All in addition to activating the financing and development role of companies in which the bank contributes.
“Despite the crisis, the Egyptian economy achieved a growth rate of 3.6 percent during FY2019/2020, as Egypt came within a limited number of countries that achieved positive growth in light of the pandemic, it was in fact planned to achieve a growth rate of 5.8 percent in FY2019/2020 and 6 percent in 2020/2021," said El-Said.
El-Said also pointed out that the unemployment rate decreased to 7.3 percent in the first quarter of 2020/2021, compared to 9.6 percent in the fourth quarter of 2019/2020, and the annual unemployment rate decreased from 13 percent in 2014 to 7.9 percent in 2019.