Egypt targets investments of $80bln

Plan forecasts 125% increase in funding for production sector

  
A general view shows Tahrir Square, after its renovation, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt July 13, 2020. Image used for illustrative purpose.

A general view shows Tahrir Square, after its renovation, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt July 13, 2020. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
 
CAIRO: Egypt is aiming to raise EGP 1.25 trillion ($80 billion) as part of its investment plan for the fiscal year 2021/2022, according to the Egyptian Minister of Planning and Economic Development Hala Al-Saeed.

The investment plan forecasts a 125 percent increase in funding for the production sector, the minister said, along with a 30 percent increase for the country’s service sector.

Al-Saeed said the plan helps address the public spending commitments related to health and education and scientific research, as well funding for the continued efforts to combat the COVID-19 pandemic.

She said priority would be given to high-productivity sectors that drive sustainable economic growth in Egypt such as the manufacturing, communications, information technology and agriculture sectors.

According to the minister, the most important goals of the 2021/2022 sustainable development plan include addressing important social issues such as gender equality and public investments into green projects.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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