By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    September 22, 2023
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt allocates EGP 3.9bn to support social housing during FY 2019/20: Finance Minister
Share
Notification
Latest News
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
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 allocates EGP 3.9bn to support social housing during FY 2019/20: Finance Minister
Business

Egypt allocates EGP 3.9bn to support social housing during FY 2019/20: Finance Minister

Daily News Egypt
Last updated: 2021/08/18 at 3:09 AM
By Daily News Egypt 4 Min Read
Share
Egypt's Minister of Finance Mohamed Maait.Daily News Egypt
SHARE

Egypt’s Minister of Finance Mohamed Maait discussed, on Tuesday, a recent study conducted by the World Bank on Egypt’s public spending for social protection during fiscal year (FY) 2019/20.

He added that EGP 3.9bn was allocated to support social housing projects during FY 2019/20, pointing out that the current budget includes EGP 321bn for social protection, of which EGP 7.8bn went to cash support and public facilities in social housing projects.

Maait further added that approximately EGP 345bn has been transferred to pension funds in 25 months.

The government continued to strengthen social protection networks through more effective programmes targeting the most in need, and raising the efficiency of public spending in a way that leads to reducing poverty rates and providing a decent life for Egyptians, he stated.

Maait noted that the success of the economic reform programme has helped the government to expand social protection programmes, which was affirmed by the World Bank study. The reform programme helped restructuring public spending, maximizing revenues, and enhancing spending in the areas of social protection, health, and education.

He pointed out that the cash assistance programme “Takaful and Karama” and Social Security Pension adopted by the government succeeded in achieving their goals, according to World Bank estimates, especially as the government continues to expand the coverage of the two programs to include all low-income families.

He added that 86% of the beneficiaries of the Takaful and Karama programme during FY 2019/20 were among the poorest 40% of the population. This reflects the importance of the government’s keenness to automate the entire cash support system, and to establish a database that includes poor families to ensure access to those who are eligible.

He pointed out that the volume of spending on social protection programmes during FY 2019/20 amounted to 4.2% of GDP, which confirms the government’s keenness to expand anti-poverty programs and provide an advanced and comprehensive system for the social safety net, in accordance with Egypt’s 2030 Vision.

He added that the World Bank’s estimates indicated that cash assistance and social security pension contributed to reducing poverty rates by 5.2% during FY 2019/20.

Maait pointed out that the government also took into account the social dimension in its strategy to address the coronavirus pandemic and mitigate its repercussions. The volume of spending on the food subsidy programme during FY 2019/20 amounted to about 1.4% of GDP, and that more than 1.5 million irregular labourers received additional cash support of EGP 500 per month for a period of 6 months during the pandemic.

Moreover, Mai Farid, Head of the Economic Justice Unit at the Ministry of Finance, stressed that the government attaches great importance to strengthening social protection programmes and raising the efficiency of public spending on the health and education sectors, in a way that ensures the efficiency of public expenditures, reducing poverty rates, and providing protection for the marginalized and lower-income classes.

She added that the Ministry of Finance has cooperated with the World Bank team since December 2020 to prepare a study aimed at reviewing public spending for the social protection sector, health, and education.

You Might Also Like

Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity

Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company

ABB allocates €13bn for green transformation by 2030

DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups

Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo

TAGGED: finance minister
Share this Article
Facebook Twitter Email Print
Previous Article Egypt, Somalia discuss bilateral relations , regional issues  
Next Article Qalaa Holdings expects Egyptian Refining Co. to achieve EBITDA of $500-600m by 2022-end
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
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?