Of these investments, EGP 51 billion (55.2 percent) is allocated for the southern part of Upper Egypt, 22.1 billion (23.9 percent) for the central part, and 19.3 billion (20.9 percent) for the northern part, El-Said said in a statement issued by the ministry on Saturday after she reviewed a report on Upper Egypt development goals.
The allocations are set to finance a number of projects in the region, covering sanitation, transport, stockpiling, health, petroleum, services, and power sectors.
The minister noted that the FY2021/2022’s public investment plan attaches special importance to achieving policies and programmes that aim to narrow the gaps in income levels and handle the current developmental gaps across the country.
In July, Egypt announced its FY2021/22 budget of EGP 2.6 trillion, the biggest in country’s history, up from EGP 2.2 trillion in FY2020/21.
The new budget took into account the expectations that Egypt will restore its pre-pandemic growth and macroeconomic performance levels after the notable slowdown the country’s economy has witnessed during the current FY2020/21.
Egypt seeks to increase its real GDP growth to reach 5.4 percent in the current FY2021/22 in light of the gradual recovery of Egypt’s economy from the COVID-19 pandemic and its associated severe socio-economic impacts.
To reach that, the government targets the implementation of new policies that aim to catalyze economic and productive activities that back real GDP growth, especially in manufacturing and export sectors.