CAIRO – 12 March 2024: Egypt allocates EGP 83.3 billion for investments in the 2023/2024 plan, compared to the expected investments of EGP 56 billion by the end of 2023/2024, reflecting a growth rate of 48.8%, according to a report issued by the Ministry of Planning and Economic Development issued a report on the communications and information technology sector in Egypt.
The sector's investments account for 5% of the total investments in the plan, with the private sector playing a crucial role in driving growth. Private investments are estimated to reach around EGP 52.4 billion, which is approximately 63% of the total, while public investments amount to EGP 31 billion, constituting around 37% of the total.
In terms of targets for the fiscal year 2023/2024, the report states that the sector's production is projected to reach approximately 827 billion Egyptian pounds at current prices, compared to EGP 525 billion in 2023/2024. At fixed prices, the corresponding values are expected to be about EGP 560 billion, compared to EGP 420 billion in 2023/2024, representing a growth rate of approximately 33.3%. The plan also targets a gross domestic product (GDP) of about EGP 346 billion at current prices and about EGP 277 billion at fixed prices for the year 2023/2024, compared to about EGP 546 billion and EGP 368 billion, respectively, by the end of the plan.
The government's goal is to build a digital Egypt by strengthening the information and communications technology infrastructure. This initiative aims to improve the business environment, reduce transaction costs, enhance digital government services, and increase the efficiency and quality of services provided.
The development plan for the sector focuses on adapting to the digital age and achieving strategic objectives. It aims to achieve digital justice by providing affordable internet services to all segments of society across all geographical regions. The plan also aims to enhance the IT skills and capabilities of individuals, foster an academic environment that encourages innovation, attract global data centers for investment, and position Egypt as a regional center for data and knowledge exchange using artificial intelligence. Additionally, the plan seeks to capitalize on emerging technologies to create new investment opportunities in the sector.
Overall, the government aims to leverage the communications and information technology sector to foster economic growth, enhance digital services, and position Egypt as a regional hub for technological advancements and innovation.
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