CAIRO -15 August 2024: Egypt has allocated a total of EGP 1.987 trillion for investments in the ongoing fiscal year, with public investments making up EGP 1 trillion, as per an announcement from the Cabinet.
Private investments, on the other hand, contribute EGP 987 billion, accounting for 49.7% of the net investment sum.
In discussions with Prime Minister Mostafa Madbouly, Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, emphasized the initiation of measures to enhance investment expenditure governance and boost private sector investments.
The ministry has already commenced the implementation process to enforce investment spending oversight and elevate private sector investments, aligning with the Prime Minister's decision to cap public investments at around a trillion pounds for the current fiscal year.
These regulations encompass economic entities, public sector firms, and wholly state-owned companies.
Al-Mashat highlighted the ministry's ongoing efforts to reevaluate the priorities within the 2024/2025 fiscal year plan.
She underscored collaborative endeavors with ministries, their associated bodies, and regional authorities across all sectors to explore opportunities for scaling back public investments and revising investment priorities, with a focus on advancing projects that have surpassed a 70 percent implementation threshold.
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