Egypt's Prime Minister Mostafa Madbouly said the investment budget for the coming fiscal year will surge to EGP 230 billion, up from EGP 150 billion last year. A statement issued by the cabinet on Thursday noted that the move is meant to expand the development and service projects. Madbouly added that the budget of the new urban communities authority will also be increased in the coming fiscal year to expand its ventures. Madbouly's remarks were made during a meeting with Housing Minister Assem El-Gazzar and representatives from the real estate development and contracting sectors, a cabinet statement said on Thursday. “Egypt is keen on supporting real-estate development and contracting sectors over the repercussions of the coronavirus pandemic,” said Madbouly, praising the construction sector in general which assists the state with achieving its development targets and provides intensive job vacancies. The prime minister said the proposals presented by the real estate development sector's representatives concerning the financial facilitations demanded from the Central Bank of Egypt (CBE) have been referred to Tarek Amer, the CBE governor, who showed an initial understanding and promised to look into the matter. El-Gazzar said Madbouly ordered the expansion of ventures, especially in infrastructure, and to speed up the delivery of contracting companies' financial dues. Egyptian workers have returned to construction sites in April after a two-week stoppage meant to help curb the spread of the Covid-19 pandemic. The prime minster has instructed the contracting companies to stick to the precautionary measures at work sites to combat the coronavirus.
