Egypt has over the past six years implemented national investment projects in all sectors and fields of life worth over 4.5 trillion EGP, Prime Minister Mostafa Madbouly said Monday on the occasion of the seventh anniversary of the June 30 Revolution and President Abdel Fattah El Sisi's inauguration of a number of development projects. Speaking from the Galaa Theater in Cairo, he said it was this revolution, in which tens of millions of people of Egyptians took to the streets, that has rescued the country from slipping into unknown. President Sisi opened a number of development projects in east Cairo, the renovated Baron Empain Palace and the Sphinx and New Administrative Capital airports. These 4.5 trillion EGP investment projects that were implemented side by side the economic reform program, have achieved unprecedented growth rates in Egypt's history and have enabled the country to stand strong and face the bitter COVID 19 scenario, he said. Madbouly reviewed the government's vision for work in light of the coronavirus, a pandemic which the world has not seen for more than 100 years. He said all studies showed that a recession will probably take place in the world economy as a result of a drawback in the aviation and travel movement as well as trade and navigation worldwide. Since the start of the outbreak, the government has worked hard to push forward the economy as witnessed over the past period, he said. Egypt has still one of the best growth rates in the Middle East and North Africa region, the premier noted, adding that foreign currency reserves reached unprecedented levels exceeding $45.5 billion. Madbouly said that President Sisi has given directives to the government to outline a vision for action in the coming phase to mitigate the harmful impact of the coronavirus pandemic on the economy. He made it clear that the state is working on a long and medium-scale plan in order to be implemented in the upcoming year or the next two years. Several international foundations have agreed that Egypt should focus in the coming two years on a set of promising sectors; such as building and construction, information technology, energy, petrochemicals, industry, trade and agriculture. All these sectors are already under the focus by the state in the coming phase. EGP400 billion allocations for construction sector in 2020/2021 Egypt will be one of the biggest countries in the Middle East as regards the building and construction sector in view of its implementation of mega projects, the premier said, adding that the coming fiscal year would witness a budget of EGP 300 billion for this sector only away from infrastructure projects, power and drainage stations and canals. Thus, the total budget would reach up to EGP 400 billion for this sector which provides the largest number of jobs for workers, the premier said. As per the petrochemicals sector, mega projects under construction were estimated by the international foundations at $19 billion in addition to expansion in implementing the roads network, power distribution as well as renewable energy projects, he added. Egypt's digital gate to provide 155 e-services Madbouly said the coronavirus crisis has accelerated the world's steps towards digital transformation, adding that social distancing and stay at home strategies forced the government to speed up several projects for digital transformation to make matters easier for citizens. The state has allocated EGP 15 billion from the coming year's budget to accelerate projects in the communication sector, Madbouly said, adding that Egypt's digital gate will provide a package of electronic services that could reach up to 155 types of e-services by the end of this year. He asserted that the state has succeeded in meeting the challenge of academic exams of all students nationwide. Madbouly said President Sisi has directed raising the internet speed ahead of the coronavirus outbreak. In 2019, Egypt ranked in the 40th place in the internet speed in Africa, he said. In March this year, Egypt ranked the second as regards the internet speed due to mega investments in the development of networks. Cairo renovation Madbouly said Cairo has witnessed a big leap in the development of unsafe and unplanned areas as well as its archaeological sites, saying that reality on the ground contradicts rumors circulated that Old Cairo will be neglected after the construction of the New Administrative Capital More than 60,000 housing units have been accomplished as alternatives for unsafe housing areas inside Cairo alone, he said. In the coming few days, an important project will be launched to renovate Khedival Cairo or better known as "Islamic Cairo" and its plan has been referred to President Sisi, added the premier. He also reviewed the development project of Ain Al Hayat area to include a big entertainment area with a big park inside it. The premier also highlighted the renovation process of Sour Magra el Oyoun area and its old tanneries, the development of Korniche el Nile starting from Imbaba Bridge till Road el Farag district. Madbouly highlighted the development of Tahrir Square which is a first step in the project of Khedival Cairo development and reflects the state's vision to revamp this iconic square, adding that other squares in Old Cairo will be totally renovated in the coming phase. Madbouly went on to say that evacuation of Maspero Triangle area was necessary as residents were living in very tough conditions, adding that this project is also a step in the face lifting of Cairo and restoring its civilized image. He asserted that Maspero Triangle will include a shopping mall, a residential area and towers along with keeping the historical buildings and maintaining the image of the historical Cairo.
