Private sector contributes by 26% of total investments in ICT sector in FY2020/2021

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Sat, 02 May 2020 - 02:24 GMT

Technology – CC via Flickr/tec-estromberg

Technology – CC via Flickr/tec-estromberg

CAIRO – 2 May 2020: Private investments worth LE6.9 billion compose 26 percent of total investments worth LE27.5 billion in the communications and information technology sector in FY2020/2021.

The Ministry of Communications and Information Technology had announced that the number of companies established in the sector between October 2019 and December 2019 reached 414 compared to 398 companies during the same period in 2018.

In the draft budget, total investments are estimated at LE740 billion down from LE840 billion expected in FY2019/2020, which is less than the approximately LE970 billion achieved in FY2018/2019. That is due to COVID-19 global crisis.

In order to make up for the decline in private investments, public investments will compose 80 percent of total investments pumping LE595 billion, including LE281 billion governmental investments with an increase of 34 percent compared to FY2019/2020.

In FY2020/2021 budget, the total expenditure and revenues are worth LE1.7 trillion and LE1.3 trillion, respectively.

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