Egypt's Damietta receives LE4.2B in public investments in FY2020/21

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Tue, 12 Jan 2021 - 08:16 GMT

FILE - Fayoum's Wadi Al Rayan

FILE - Fayoum's Wadi Al Rayan

CAIRO - 12 January 2021: Minister of Planning and Economic Development Hala El-Said has said that Damietta Governorate received LE 4.2 billion in public investments as part of the fiscal year (FY) 2020/21plan.

 

El-Said also said that this year’s public investments budget for the governorate is a 29% increase from the previous plan.

 

She added that a total of 226 development projects have been set up in the governorate, which has benefited from a 31% increase in investments financed by the public treasury.

 

The Ministry of Planning and Economic Development announced the features of the “Citizen Investment Plan” in Damietta Governorate for FY 2020/21.

 

The announcement came as part of the ministry’s continued roll-out of its nationwide citizen plan for the second year in a row. The plan intends to activate community participation and involve citizens in planning and follow-up.

 

During her announcement on the Damietta Governorate’s citizen plan, El-Said outlined how the financing will be distributed across the different sectors in the governorate.

 

The housing sector and the development of informal settlements will be allocated 25.1% of the funding, or investments of LE1.1bn. The transport sector will be allocated LE1.5bn, or 35.2% of funding, in addition to LE389.2 million being directed to the local development sector, or 9.3% of funding.

 

The higher education sector will see investments of LE356m, or 8.5% of the total funding, and LE 322.5 million will be directed to the irrigation sector at a rate of 7.7% of funding. A further LE 594.2 million will be directed to other sectors, at a rate of 14.2%.

 

The most important development goals for the housing sector and the development of informal settlements in the governorate are to direct about LE494.3 million to drinking water and sanitation services.

 

This is in addition to directing LE226.6 million to real estate activities, referring to the Damietta Furniture City project, which is the largest industrial zone in the country.

 

The project specializes in providing furniture and complementary industries to the Middle East, to develop the furniture sector. The total appropriations listed for the project in the FY 2020/21 plan amount to LE103 million.

 

El-Said said that Egypt's Vision 2030 aims mainly to improve the quality of life of the Egyptian citizen and improve their living standards. This goal accounts for the basis on which the FY 2020/21 sustainable development plan has been built, which will see public investment in the infrastructure, as well as providing social and economic benefits.

 

It aims to ensure that the return on investment reaches all Egyptians nationwide, provided that the low-income citizens are the first to reap the fruits of this investment.

 

The plan also provides decent and sustainable job opportunities, embodying the true meaning of social development. At the same time, it aims to improve the competitiveness of the Egyptian economy and strengthening the country’s leadership.

 

El-Said emphasized that the launch of the Citizen Plan comes as part of the state’s continued desire to link the planning process with Egypt's Vision 2030. This includes the localization of the UN’s sustainable development goals (SDGs), and a continuation of the participatory approach adopted by the Ministry with all development partners. This is set to take place in a manner that establishes the principles of governance and accountability, and the transparency of the state's development plan.

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