Value of Egypt's public investments in FY2021/22 set at LE1.25T

CAIRO - 20 April 2021: Minister of Planning and Economic Development Hala el-Said announced Monday that the value of prospective public investments in the fiscal year 2021/2022 is set at LE 1.25 trillion.

The Ministry of Planning and Economic Development disclosed Monday the most prominent features of the investment plan for the fiscal year 2022/21 and the general directions of the sustainable development plan for that year.

El-Said said the budget reflects the growth of investments directed to the productive sectors by 125%, with a growth of investments directed to human development by 70%, and growth of investments directed to service sectors by 30%.

El-Said indicated that the most important goal of the sustainable development plan for the fiscal year 2022/21 is enhancing the role of public spending in social protection and gender issues while directing public investments towards green projects.

Moreover, the most important goals of the plan include strengthening the ability of state institutions to face the repercussions of Corona, 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.

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

El-Said explained that the most prominent general orientation of the sustainable development plan for 2021/2022 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 aimed at containing the Coronavirus pandemic and decisively addressing its economic and social repercussions.

El-Said added that the general directions of the plan also include giving priority to the high-productivity sectors that drive sustainable economic growth, chief among them 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 localizing technological projects and directing financial allocations to the governorates most in need to implement the "A Decent Life" initiative.