Egypt's gov't investments rise 28% to LE 102B within 6 months

CAIRO – 10 March 2021: Government investments implemented during the first half of the current fiscal year rose by 28 percent, on an annual basis, according to Egyptian Minister of Planning and Economic Development, Hala El-Said.

El-Said added in a statement, Wednesday, that government investments in Egypt amounted to LE 102 billion during the period from July to the end of last December.

This came during a meeting of the Egyptian Cabinet headed by Mostafa Madbouly, in which the Minister of Planning reviewed the performance indicators of the Egyptian economy during the second quarter and first half of the current fiscal year 2020-2021.

The minister said that most international institutions were unanimously agreed that the current crisis is the most severe among the previous economic crises at the international level, and that includes the Great Depression 1929/1932 and the global financial crisis 2008-2009, noting that the International Monetary Fund (IMF) estimated the losses in the growth of the global economy as a result of the crisis, about $11 trillion.

She added that global trade traffic recorded a 9 percent decrease in 2020, and global foreign direct investment (FDI) witnessed a sharp decline of 49 percent in the first half of 2020.