Planning Ministry allocates direct investments of LE 83.4B into telecom and IT sector



Sun, 04 Jun 2023 - 04:44 GMT


Sun, 04 Jun 2023 - 04:44 GMT

CAIRO - 4 June 2023: Hala El Said, Minister of Planning and Economic Development, presented the economic, social development plan for the Fiscal Year 2023/2024 (FY23/24) to the parliament today.

El Said stated that the plan is focusing on the telecommunications and information technology sector considering its importance and contribution to Egypt’s economy.

The Minister stated that LE 83.4 billion were allocated as investments for this sector in the FY24/23, with a growth rate of 49 percent over the expected investments for the previous FY23/22, which amounted to about LE 56 billion.

The sector's output is expected to reach about LE 346 billion, constituting more than 5 percent of GDP in 2024/23 compared to 3.4 percent in 2021/2022, making it the fastest growing sector among the state's sectors, over a period of five consecutive years.

The private sector plays a major role in accelerating the growth of this sector, as it receives about LE 52.4 billion or 63 percent of the total investments directed to the development of the sector.

El Said also added that the investment plan for the FY24/23 includes completing the development of Digital Egypt, the automation of the technological infrastructure of the state's administrative apparatus, establishing a closed government network to connect all government buildings, issuing the electronic visa and the digital insurance system for foreigners, replacing bandwidth and raising the efficiency of using the internet in the state’s administrative apparatus.

The Minister previously stated that the plan for FY23/24 will allocate directs investments amounting to about LE 100.7 billion for the manufacturing sector - both petroleum and non-petroleum.



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