Gov’t to invest 60% of portfolio on infrastructure: minister

BY

Thu, 03 Aug 2017 - 10:06 GMT

 Minister of Planning- Hala El Said- File Photo

Minister of Planning- Hala El Said- File Photo

CAIRO – 3 August 2017: Around 60 percent from the government investments in fiscal year 2017/18 will be directed to infrastructure projects, Minister of Planning Hala al-Saeed noted Thursday.

The infrastructure investments will be in the sectors of transport, housing, public facilities, agriculture, irrigation and electricity, Saeed highlighted in a statement.

Targeting boosting growth rates and gross domestic product (GDP), the infrastructure investment will create an “attractive” work environment for local and foreign investors, especially small and medium enterprises (SMEs), Saeed added.

The country's GDP growth rate will not fall below 4 percent in fiscal year 2016/2017, compared to 4.3 percent in the previous year, Saeed added.

The initial budget deficit in FY2016/2017 ranges between 10.4 and 10.5 percent of the GDP, compared to 12.5 percent in the 2015/2016 fiscal year, the minister said.

Egypt’s investment plan for FY2017/18 allocates up to LE 24.4 billion ($1.36 billion) of government investments for education and healthcare.

The value of

investments

targeted to improve higher education, including educational missions, reaches LE 7.91 billion ($443 million) and the treasury will finance around 56 percent of them.

Government investment targeted for the improvement of Scientific Research Ministry and healthcare programs amount to LE 1.66 billion and LE 7.57 billion, with 86 percent and 80 percent financed by the public treasury, respectively.

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