Egypt allocates LE 10B for Upper Egypt development in 2018/19

CAIRO – 15 April 2018: Egypt aims to direct LE 10 billion of the government’s investments in the new fiscal year 2018/19 to develop Upper Egypt’s governorates, Planning Minister Hala al-Saeed said on Sunday.

This came during Saeed’s speech in the Parliament to present the state’s economic and social plan for 2018/19.

She said that the plan aims to improve the quality of services presented to citizens and automate more than 100 government services in municipalities.

Concerning industrial development, Saeed said that the government aims to increase industrial growth rate to 6.5 percent, from five percent, and allocate LE 4.5 billion in investments to develop industrial zones and establish new ones in 2018/19.

The government also targets to provide some 150,000 jobs and enhance the competitiveness of the small- and medium-sized enterprises (SMEs), targeting 100,000 projects annually.

As for agriculture, Saeed said that the government aims to expand in the cultivation of strategic crops and to hike the self-sufficiency rates of sugar to 90 percent, from 77 percent, and of fish to 95 percent, from 90 percent.

Egypt’s new budget for fiscal year 2017/18 targets investments worth LE 100 billion, up from LE 70 billion in the current budget.

Egypt has been prioritizing the development of Upper Egypt recently. In February, the Cabinet approved a draft law to establish an authority for Upper Egypt Development, which will be located in Aswan governorate.

The authority will be affiliated to the Prime Minister and aims to develop Upper Egypt.
Government’s investments in northern Upper Egypt reached LE 6.92 billion during the current fiscal year 2017/18, representing 3.6 percent of total investments.