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Sunday, 09 May 2021

Egypt to allocate EGP 1.25 tln for investments in FY2021/22

Investments directed to productive sectors will increase by 125%, investments for building up people will rise by 70%, and investments in service sectors will go up by 30%

Doaa A.Moneim , Monday 19 Apr 2021
Hala El-Said
Minister of Planning and Economic Development Hala El-Said (Photo: Al-Ahram)
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Egypt plans to allocate EGP 1.25 trillion for investment in fiscal year 2021/2022, which starts in July, Minister of Planning and Economic Development Hala El-Said announced on Monday.

The Ministry of Planning and Economic Development reviewed the most prominent features of the investment plan for FY2022/21 and the general directions for the sustainable development plan for the same year.

El-Said explained that the most prominent general orientation of the sustainable development plan for FY2021/2022 is the careful commitment to implementing the mandates and initiatives of the political leadership, in line with the goals of the national agenda to achieve sustainable development within the framework of Egypt's Vision 2030.

El-Said added that the plan includes the fulfillment of the constitutional entitlements related to public spending allocations on health, education, and scientific research, as well as continuing efforts to contain the coronavirus pandemic and decisively addressing its economic and social repercussions.

She added that the general features of the plan also include giving priority to the high-productivity sectors that drive sustainable economic growth, chief among which are the manufacturing, communications, information technology, and agriculture sectors.

“This is within the framework of implementing the second phase of the National Program for Economic and Social Reform represented in structural reforms, in addition to highlighting presidential initiatives to improve the health and quality of life of Egyptian citizens, as well as giving priority to localising technological projects and directing financial allocations to the governorates most in need to implement the Decent Life initiative,” said the minister.

El-Said referred to the most important targets of the sustainable development plan for FY2022/21, which are represented in enhancing the role of public spending in social protection and gender issues while directing public investments towards green projects.

They also include strengthening the ability of state institutions to face the repercussions of COVID-19, as well as expanding efforts to automate services, expanding availability and improving the quality of medical and educational services, as well as linking the technical education system to the labor market, with an increase in the rate of coverage with drinking water and sanitation.

In addition, the targets include increasing the rate of coverage with electricity services, in addition to expanding access to youth and cultural services, and targeted growth rates for investments directed to developmental sectors.

El-Said noted that investments directed to the productive sectors will see an increase by 125 percent, investments directed to building people up will rise by 70 percent, while investments directed to service sectors will go up by 30 percent.

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