Egypt's gov't allocates LE 100.7 bln as direct investments into manufacturing sector

CAIRO - 30 May 2023: The financial statement submitted by the Egyptian government for the new year 2023/2024 to the Parliament revealed that the plan for FY 2023/2024 directs investments amounting to about L.E. 100.7 billion for the manufacturing sector - both petroleum and non-petroleum.

 

The allocated investment show an increase of about 20 percent compared to the expected investments of the sector in the previous year, which recorded 84.2 billion pounds.

 

The financial statement indicated that these investments are intended to generate industrial output in the range of EGP 393 billion in the year of the plan, with a growth rate of 21 percent compared to the expected industrial output of EGP 325 billion in the previous year.

 

The financial statement submitted by the government for the new year 2023/2024 to Parliament indicated that the projects included in the 2024/23 plan are within the framework of the program to stimulate industrial investment and deepen local manufacturing.