Egypt’s FY 2022/2023 plan targets over $15bln investment in urban development

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Egypt’s plan for fiscal year (FY) 2022/2023 targets total investments of EGP 294.2 billion in the urban development sector, accounting for 21% of the plan’s total targeted investments, Minister of Planning and Economic Development Hala El-Said revealed in a statement on August 25th.

Investments in real estate activities are estimated at EGP 157.9 billion, representing 53.7% of total targeted investments in the urban development sector this fiscal year, El-Said noted, citing the ministry’s report on the FY 2022/2023 plan.

Meanwhile, the targeted investments in the sewage system are estimated at EGP 103.4 billion, and in the construction and building at EGP 32.9 billion, she said.

Moreover, the FY 2022/2023 plan targets boosting the urban development sector’s production by 15.6% to EGP 3.395 trillion from EGP 2.936 trillion in FY 2021/2022, according to the report.

As per the plan, the sector aims to boost its contribution to Egypt’s gross domestic product (GDP) by 16.3% to EGP 1.955 trillion in FY 2022/2023, compared to EGP 1.681 trillion in FY 2021/2022.