Egypt allocates 55% of development aid for upgrading infrastructure

CAIRO - 15 July 2018: Egypt allocated about 55 percent of development aid for upgrading the infrastructure in order to incentivize investments, according to a report prepared by the Ministry of Investment and International Cooperation.

Investment Minister Sahar Nasr will read out the report on Sunday during a high-level forum of the UN Economic and Social Council (ECOSOC), currently taking place in New York.

The report - under the theme of investment in development to attain sustainable development goals - said about 17 percent of the development assistance Egypt has received went for supporting the housing and utilities sector as well as renovating slum areas.

The report underlines Egypt's commitment to realizing the sustainable development goals.

Egypt has encouraged the private sector's participation in the development process, the report said.

The report highlights Egypt's comprehensive sustainable development program laid down by President Abdel Fattah El Sisi to accelerate development and improve the investment climate to attract local and foreign investments and create jobs.

Implementing mammoth national projects, such as the Suez Canal development corridor and the New Administrative Capital, has reshaped Egypt's economic map, the report added.