Ahmed Kamali, Egypt’s Deputy Minister of Planning and Economic Development, has reviewed the investment plan proposal for fiscal year (FY) 2023/24, which focuses on two main elements: human development and stimulating the private sector.
This review came during the meeting of the financial, economic, and investment affairs committee in the Senate, with the participation of Hani Sarie El-Din, Chairperson of the Committee.
Kamali stressed that the main engine of economic growth is investment, explaining that the Ministry of Planning and Economic Development relies on the integrated electronic system to prepare and follow up the investment plan as a major dependence on distributing investments to various entities, following up on projects, as well as the geographical distribution of projects.
Kamali also added that the ministry worked through the system to build a correct database and benefit from the huge data available. This will be done by following up and evaluating projects and identifying obstacles to implementation.
He confirmed that the main awarding bodies that submit project proposals to the system on their initiative must be consistent with the government’s program objectives.
He further stressed the importance of a clear link between the projects presented by the various agencies, the sustainable development goals, the government’s plan, and Egypt’s Vision 2030.
Kamali stressed the importance of taking into account the economic, environmental, and social impact of the projects and the need for the authorities to determine these effects
He confirmed the need to take into account the geographical division as well as classifying the source of financing for the project, whether it is Treasury financing or self-financing or something else that falls within the various investment components of the project.
Kamali reviewed the spatial distribution of the projects, explaining that it is presented for the first time to the government sector and economic bodies, adding that focus has also been placed on presenting the targets and plans for the governorates through geographical distribution to place them in front of decision-makers to inform them of the investments of each governorate and its centers.
He added that the Ministry’s employees developed the system which reflects the keenness of the Ministry of Planning and Economic Development to continuously develop.
Kamali said that the last year witnessed the activation of the follow-up component through the system, as each party was informed to complete the data on the volume of investments implemented at the level of projects every quarter of the year.
He explained that the Ministry of Planning considered the state ownership document when preparing the plan for the next fiscal year.
He highlighted mechanisms to stimulate the private sector and reduce crowding out by reducing the government deficit.
Kamali stressed that human development is the main engine of growth because the greatest development experience in the world is to invest in people, this is consistent with Egypt’s Vision 2030 and the UN’s sustainable development goals.
He referred to the improvement in education and health indicators, stressing that Egypt is progressing in implementing sustainable development goals. Kamali pointed out that, for the first time, the draft plan for the next fiscal year has prepared an indicator of human development at the governorate level.
He stressed that the state is working to advance Egyptian exports, focusing on value-added exports.
The state has also worked to improve and prepare the infrastructure to improve the investment climate. This resulted in Egypt’s advancement in the infrastructure and road quality index.