Upper Egypt's Asyut receives public investments worth LE7.1B in FY 2020/21

CAIRO - 13 January 2021: Minister of Planning and Economic Development Hala El-Said has revealed that Asyut Governorate will receive LE 7.1 billion under the citizen's investment plan for fiscal year FY 2020/21.

El-Said said that the governorate has seen a total of 392 development projects, with the FY 2020/21 plan reflecting a 16% increase over the FY 2019/20 plan. The sum of public investments allocated to the Asyut Governorate represents 2.8% of the finance distributed under the citizen's investment plan.

The minister indicated that the distribution of public investments in Asyut Governorate under the FY 2020/21 plan includes: investments worth LE2.5 billion directed to the housing sector, or 34.5% of the financing; LE741 million directed to the oil sector, or 10.4% of the financing; LE841.2 million to the local development sector investments, or 11.8% of financing; LE1.3 billion to the transport sector, or 17.7% of the financing; LE644 million to the higher education sector, or 9% of financing; while other sectors have been allocated investments worth LE1.2 billion, or 16.7% of financing.

A Ministry of Planning and Economic Development report noted the most important development goals in the governorate’s housing sector and the development of informal settlements for FY 2020/21. This means about LE 2 billion will be directed to drinking water and sanitation services, with an additional LE156.4 million allocated to electricity services.

The report pointed to the most important projects in the governorate’s petroleum and mineral wealth sector, which will see the completion of the replacement and renewal of the Asyut Company’s refining units.

This will also see the completion of industrial security and environmental protection at the Asyut Petroleum Refining Company, the replacement, and the renewal of the national network of raw materials, products, and butane gas. Alongside this, projects covering industrial security and environmental protection at the Petroleum Pipelines Company will be completed.

The plan intends to bring about real, tangible, and rapid development, which is reflected in improving the quality of life and providing decent living opportunities for citizens. It also ensures that follow-up is conducted on the spatial dimension as one of the main determinants of achieving comprehensive and sustainable development.

This will take place in a way that ensures balanced nationwide growth is achieved, and points to the development plan’s interest in potential policies and programs for creating nationwide equality in living standards. It will do so by addressing development gaps and advancing development efforts in line with the components, characteristics, and priorities of each region.