Thu, 29 Oct 2020 - 01:26 GMT
Minister of Planning Hala el-Saeed - File Photo
CAIRO - 29 October 2020: The Egyptian government targets to inject about LE 136.4 billiob, equivalent to 18.5 percent of the country’s total investment plan for fiscal year 2020/21, in the urban development sector, according to Minister of Planning and Economic Development, Hala El-Said.
These investments are split into three parts: real estate activities constitute the largest part at a rate of 45.6 percent (LE 62.1 billion), while 28.5 percent of investment (LE 38.9 billion) goes to construction works, and 25.9 percent (LE 35.3 billion) goes to water and sanitation projects.
A ministerial report clarified that the urban development sector’s share in Egypt’s gross domestic product (GDP) at constant prices is expected to reach about LE 706 billion during 2020/21, with a growth rate of 4.7 percent over the previous year.
The sector’s share of GDP is divided into three parts: the water and sanitation sector is targeting about LE 23bn, the construction works targets about LE 269.4 billion in 2020/21, up from LE 253.1billion in the previous year, and the real estate activities expects LE 413.3 billion output, compared to LE 398.6 billion in the previous year.
As for the urban development sector’s share of GDP at current prices, the report added that it is targeted to reach about 19.2 percent or LE 1246.8 billion up from LE 1059.6 billion in 2019/20.
The report pointed out that Egypt targets to increase the output of the urban development sector at the current prices from LE 1680.3 billion in 2019/20 to about LE 1975.2 billion during 2020/21, an increase of about 17.9 percent. As for constant prices, it’s targeted to increase the sector’s output from about LE 1068.2 billion in 2019/20 to LE 1119.7 billion in 2020/21, an increase of about 5.7 percent.