Third of public investments in FY2021/2022 directed to Upper Egypt, border governorates

CAIRO – 31 May 2021: Minister of Planning and Economic Development Hala al-Said stated in the Senate's plenary session Sunday that one third of public investments planned for FY2021/2021will be spent in Upper Egypt and border governorates.

El-Said indicated that those will be spent on expanding the construction of new cities, rationalizing energy use, and reducing carbon dioxide emissions. That is coupled with enlarging the use of clean technology in the context of green economy and environmentally friendly projects, in addition to developing unplanned slums in the governorates, and implementing a program to eliminate all unsafe areas.

Public investments in FY2021/2022 are estimated to hit LE1.2 trillion. The main objectives of the plan are to double the savings rate to about 11.2 percent, with an increase in the investment rate to 17.6 percent, an increase in tourism revenues to $ 6 billion, and a gradual rise in international reserves of foreign exchange to reach $42 billion by the end of fiscal the year.

El-Said also referred to the main objectives of the plan in the field of social development, explaining that the plan aims to reduce the population growth rate to about 2 percent, the annual inflation rate to 6 percent, and unemployment rate to about 7.3 percent while reducing the poverty rate to 28.5 percent.

The plan's main objectives also include reducing the illiteracy rate to about 17.5 percent and increasing the participation of females and youth in the workforce.