Egypt’s Ministry of Planning and Economic Development has revealed that EGP 1.25trn will be assigned as the state’s total targeted investments for fiscal year (FY) 2021/22.
The announcement was revealed during the ministry’s recent review of the most prominent features of the investment plan for the FY.
The review included the general directions for the country’s sustainable development plan for the same year.
Hala El-Said, Minister of Planning and Economic Development, explained that the most prominent aspects of the plan are a strict commitment to implementing the mandates and initiatives of the political leadership.
This falls in line with the objectives of the national agenda to achieve sustainable development within the framework of Egypt’s Vision 2030. It comes in addition to the fulfilment of the relevant constitutional entitlements with allocations for public spending on health, education and scientific research.
There will also be continuing efforts aimed at containing the novel coronavirus (COVID-19) pandemic, and decisively addressing its economic and social repercussions.
El-Said added that the plan also includes giving priority to high-productivity sectors that drive sustainable economic growth, especially the manufacturing, communications, information technology and agriculture sectors.
The priority sectors come as part of the second phase of the national programme for economic and social reform represented in structural reforms. This is in addition to highlighting presidential initiatives to improve the health and quality of life of the Egyptian citizen.
It also gives priority to the resettlement of technology projects, and directs financial allocations to the governorates most in need in order to implement the “Decent Life” initiative.
El-Said pointed to the most important goals of the sustainable development plan for FY 2021/22, which is to enhance the role of public spending in social protection and gender issues.
At the same time, public investments will be directed towards green projects, in addition to strengthening the ability of state institutions to face the repercussions of COVID-19. This is in addition to expanding efforts to automate services, and expand the availability and improve the quality of medical and educational services.
Additionally, the technical education system would be linked to the labour market, with an increase in the coverage rate of drinking water and sanitation.
There will be an additional increase in the coverage rate of electricity services, in addition to expanding the availability of youth and cultural services, and the targeted growth rates for investments directed to the development sectors.
El-Said reviewed the targeted growth rates for investments directed to the development sectors, noting the 125% increase in investments directed to Egypt’s productive sectors.
There is an additional increase of 70% in investments directed to building people, as well as a 30% increase in the growth of investments directed to the country’s service sectors.