By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    June 4, 2023
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    June 4, 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    June 4, 2023
    Al Ahly Pharos tops brokerage ranking in May
    Al Ahly Pharos tops brokerage ranking in May
    June 4, 2023
    Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
    Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
    June 4, 2023
  • Politics
    PoliticsShow More
    Iranian, Saudi FMs meet on bilateral ties
    Iranian, Saudi FMs meet on bilateral ties
    June 4, 2023
    Egypt’s PM inspects service, development projects in Alexandria
    Egypt’s PM inspects service, development projects in Alexandria
    June 4, 2023
    FM Shoukry attends inauguration ceremony of Turkish President
    FM Shoukry attends inauguration ceremony of Turkish President
    June 3, 2023
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
    June 3, 2023
    India train crash kills at least 207, injures hundreds 
    India train crash kills at least 207, injures hundreds 
    June 3, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt targets EGP 37.8bn in infrastructure investments
Share
Notification
Latest News
HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Egypt targets EGP 37.8bn in infrastructure investments
Business

Egypt targets EGP 37.8bn in infrastructure investments

Doaa Farid
Last updated: 2015/07/04 at 5:33 PM
By Doaa Farid 4 Min Read
Share
EGP 20.6bn are targeted in housing, utilities and urban development programmes. (DNE Photo)
SHARE
EGP 20.6bn are targeted in housing, utilities and urban development programmes. (DNE Photo)
EGP 20.6bn are targeted in housing, utilities and urban development programmes.
(DNE Photo)

The Egyptian government is targeting EGP 37.8bn in investments for the infrastructure sector during the new fiscal year (FY) 2015/2016, of which EGP 25.5bn will come from the state budget. The latest figure represents a 19.5% increase from FY 2014/2015, the Ministry of Planning revealed in a report published on Friday.

The volume of investments targeted for the transport sector in the new budget amounts to EGP 11.9bn, where EGP 7.7bn (or 64.7%) will be directed to construct and establish main road networks and bridges. A further EGP 4.6bn (34.1%) will be allocated to develop metro lines, EGP 100.8m (0.8%) will go towards raising the efficiency of river transport, and EGP 48m (0.4%) will go to develop maritime transport.

Regarding investments for housing, utilities and urban development programmes, the government has targeted EGP 20.6bn. A further EGP 987.7m will be used for agriculture development programmes.

The Planning Ministry added that the industry and foreign trade sector needs EGP 287.6m in investments, where exports development investments would need EGP 40.7m. Meanwhile, the targeted investments for the electricity sector amounts to EGP 414m.

The volume of economic growth in the first nine months of FY 2014/2015 had reached 4.7%, according to the recent report.

The draft budget, approved by the cabinet on the first day of Ramadan, set the target for the deficit in FY 2015/2016 at 9.9% of gross domestic budget (GDP), or around EGP 281bn. The budget deficit for FY 2014/2015 stands at 10.8%. The GDP growth is expected to reach 5% during the new fiscal year, compared to 4.2% during the current fiscal year.

For FY 2014/2015, the government set a goal of 10% of GDP for the deficit, compared to 12.8% of the GDP in FY 2013/2014.

The budget is targeting a 22% increase in spending on health, surging by EGP 11.5bn to reach EGP 64bn. Spending on education will jump by 8.3%, increasing by EGP 9.2bn to reach EGP 120bn.

Spending on wages is predicted to reach EGP 228bn, climbing by 27.3%, compared to the previous fiscal year and representing 14% of the total public spending.

Spending on programmes seeking “direct social protection” will reach EGP 431bn. This represents some 49% of the total public spending and a 12% increase compared to FY 2014/2015.  Around EGP 11.2bn of the mentioned figure will be directed to pensions, while EGP 4.2bn will go to health insurance.

The budget allocated for petroleum subsidies for FY 2015/2015 is EGP 61bn, while EGP 38.4bn will go to supporting the food commodities’ subsidies.

Revenues from taxes are expected to record EGP 407bn. Tax income from international trade is predicted to record EGP 26.9bn in FY 2015/2016, inching up by 24.8% compared to the previous fiscal year.

Prior to his election, President Abdel Fattah Al-Sisi set a goal to reduce public debt to 74.5% of GDP. In the budget draft, the government states, however, that the new goal for public debt reduction in FY 2018/2019 is 85%. The public debt increased in 12 months from EGP 1.8tn, 90.4% of the GDP in March 2014, to EGP 2.1tn, 93.8% of GDP.

 

You Might Also Like

HDB targets 25% growth in profits, various activities by 2023-end: CEO

Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank

146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023

Al Ahly Pharos tops brokerage ranking in May

Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties

TAGGED: budget, Daily, Economy, Egypt, fiscal year, Growth, Industry, investments, Ministry of Planning, News
Share this Article
Facebook Twitter Email Print
Previous Article Ambiguity surrounds CBE’s decision to raise dollar price by 10 piasters
Next Article Government approval to hold plants accountable for gas consumption is useless: Suez Steel Chairman
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?