Egypt aims to invest nearly 24.5 billion Egyptian pounds ($521 million) in domestic development projects during 2023-2024 fiscal year, according to government data.

The investments in roads, power and other sectors are up by around 3.8 percent from the previous fiscal year and 15.7 percent from fiscal 2021-2022, the Planning and Economic Development Ministry said in a report published by Alahram newspaper on Thursday.

“There has been an upward trend in domestic investments over the previous years…this reflects the government’s keenness to channel more capital into domestic development projects,” the report said.

It showed the 2023-2024 investments cover roads, environment, power, general development and other projects.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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