Sun, 30 May 2021 - 04:57 GMT
Minister of Planning Hala el-Said - File Photo
CAIRO - 30 May 2021: Egypt’s Planning Minister Hala el Saeid says the total value of investments in her country during 2021-2022 is set to reach some LE1,250 billion pounds.
This figure should increase by 50 percent during the year of the plan, Saeid said, adding this is an unprecedented growth rate.
She pointed to a direct relationship between investment and economic growth rates. Saeid expected that an increase in the investment rate to 17.6 percent would lead to a rise in economic growth to 5.4 percent.
Saeid was speaking during a Senate session earlier Sunday and she put the value of government investment during 2021-2022 at about 358.1 billion pounds (i.e. 5% of the gross domestic product).
Private investments are estimated to exceed 317 billion pounds (i.e. 25% of the overall investments expected during 2021-2022), Saeid told lawmakers.
She expected the net value of foreign direct investments (FDIs) to reach seven billion dollars during the year of the plan, noting this way it should be approaching pre-Covid levels.
According to the minister, the private sector is likely to contribute to 68 percent of the gross domestic product in 2021-2022, particularly where agricultural, tourist, real estate, industrial and construction activities are concerned.
Government investments will mainly and solely focus on the Suez Canal activities, she stressed.
The 2021-2022 plan pays big attention to the environment and sustainable development sector, giving bigger focus on the green economy and initiatives to improve the environment, the planning minister noted.