Egypt targets LE 294.2B investments in urban development during FY 2022/23: Planning ministry

 CAIRO - 25 August 2022: The government targets to inject about LE 294.2 billion, representing 21 percent of the country’s total investment plan for FY 2022/2023, in the urban development sector, said Planning and Economic Development Minister Hala el Said.

 

This came in a report issued by the Planning and Economic Development Ministry to clarify the objectives of the urban development sector in the plan for the current FY 2022/2023.

 

The urban development sector is closely related to the sectors of economic and social development through providing integrated urban and residential communities that include housing units suitable to all segments of the society, added the minister.

 

The minister, meanwhile, clarified that real estate activities constitute the largest part of investments at a rate of 53.7 percent (LE 157.9 billion), while 35.1 percent of investment (LE 103.4 billion) is directed to water and sanitation projects, and 11.2 percent (LE 32.9 billion) is allocated to construction works.

 

Egypt targets to increase the output of the urban development sector at the current prices from LE 2936.5 billion in FY 2021/2022 to about LE 3395.2 billion during FY 2022/2023, representing an increase of about 15.6 percent, according to a report issued by the Planning and Economic Development Ministry.

 

The sector’s share of GDP involves the construction work achieving about LE 985 billion in FY 2022/2023, up from LE 834 billion in the previous fiscal year, said the report.

 

The report also said that the real estate activities target achieving about LE 922,4 billion during FY 2022/2023, up from LE 805.8 billion in the previous fiscal year and the water and sanitation sector that expects to attain LE 48.1 billion output FY 2022/2023, representing an increase of about 14.8 percent compared to the previous fiscal year.