Egypt's macroeconomics investments to reach LE740B in 20/21

CAIRO – 21 April 2020: Macroeconomics investments are expected to decline to LE 740 billion during fiscal year 2020/2021, down from LE 740 billion in fiscal year 2019/2020, Minister of Planning and Economic Development Hala el-Saeed revealed Tuesday.

According to the minister, the total investments in fiscal year 2018/2019 hit LE 970 billion.

A total of LE 595 billon has been allocated to public investments for 20/21, where LE 281 billion out of which are forgovernment investments, to offset the potential slowdown in private investments due to the economic disruption caused by the coronavirus (COVID-19) outbreak.

Meanwhile, she announced the targeted government investments for six sectors during the fiscal year 2020/2021, clarifying that LE 52.9 billion is allocated to transportation sector.

The minister pointed to allocating LE 39 billion to the Ministry of Transport, with an increase of 84 percent.

“The state will direct investments of LE 5.9 billion to the manufacturing sector,” Saeed stated.

She stressed that one of the most important projects is completing the work of attaching 13 industrial clusters in various governorates at a value of LE 5 billion, and to offer attached areas within the limits of 10 million square meters.

As per the electricity sector, the plan includes investments of about LE 45.3 billion, which helps in finishing a number of strategic projects.

In the field of water resources and irrigation, the Minister of Planning and Economic Development said that it is intended to direct government investments by about LE 8.3 billion, to implement many initiatives and projects; the most important of which is to reduce the losses of irrigation water by increasing the lengths of the developed waterways to reach 16 percent, by qualifying, lining and developing 820 km.

The minister stressed that 170 sockets and watering will be developed, and the construction of 100 lift stations of water will be completed, explaining that the investments of the housing sector, water and wastewater services, amount to about LE 60.9 billion, to implement many projects, including raising the coverage rate of drinking water services to 98.5 percent to benefit 2.6 million people by focusing on the newly developed and disadvantaged areas of Dakahlia, Giza, Qalyubia, Matrouh and Beni Suef.