60% Of investments targeted by government allocated

Planning Minister Hala el Said on Thursday said that the data of the new plan of the 2017-2018 fiscal year specifies that 60 percent of the investments targeted by the government was allocated to develop the infrastructure especially in transportation, housing, public facilities, agriculture, irrigation and electricity sectors.

In a press release, the minister added that the investments aim at attracting foreign and domestic investments especially micro, small and medium-sized enterprises in order to develop economy’s growth rate via increasing gross domestic product and operating rates as well as providing job opportunities to raise citizens’ standard of living.

The new plan includes increasing contribution of transportation sector in gross domestic product to reach 5 percent to implement investments at a total of about EGP 72.2 billion.

The plan also stipulates allocating EGP 53.8 billion to urban development program. The volume of the economic authorities investment reaches about EGP 9.8 billion that contributes 15.3 percent of the investments targeted by the urban development program.

The total investment targeted by agriculture sector reaches about EGP 33.3 billion in 2017-2018 plan to which private sector investments contribute by 80 percent. While EGP 5.22 billion were allocated for irrigation sector in which 99.9 percent are governmental investments.

The plan also aims at implementing investments in electricity sector at a cost of about EGP 91 billion via 82.5 percent governmental investments.

Source : Mena