Egypt targets investments in communications, IT sector in FY2023/24

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Egypt targets investing EGP 83.3 billion in the communications and information technology (IT) sector during the current fiscal year (FY) 2023/2024, up by 48.8% from the expected investments by the end of FY 2022/2023, the Egyptian Ministry of Planning and Economic Development stated.

The sector’s investments represent 5% of the total investments under the current FY’s plan.

The public sector monopolizes around 63% of total communication investments, equivalent to EGP 52.4 billion, while the private sector’s investments make up 37%, or EGP 31 billion.

Moreover, Egypt aims to increase the sector’s production at current prices to roughly EGP 827 billion by the end of FY 2023/2024.

The country also targets bringing the sector’s contribution to the gross domestic product (GDP) to EGP 346 billion by the end of this FY at the current price level.