Egypt's total executed investments for the 2023/24 fiscal year rose 5.8 per cent year-on-year to 1.626 trillion Egyptian pounds, achieving 98.5 per cent of the planned 1.65 trillion pounds, Planning Minister Rania Al-Mashat announced on Tuesday. During a meeting with the Senate's Financial and Economic Affairs Committee, Minister Al-Mashat highlighted that public investments reached 926 billion pounds, accounting for 57 per cent of total investments—lower than the targeted 64 per cent—as the government prioritises private sector-led growth. She noted that economic growth slowed to 2.4 per cent in 2023/24, down from 3.8 per cent the previous year, due to external shocks and geopolitical challenges affecting key sectors like the Suez Canal and oil and gas. However, GDP growth rebounded to 3.5 per cent in the first quarter of 2024/25, driven by improvements in non-oil manufacturing and productive industries. Minister Al-Mashat emphasised the government's focus on shifting Egypt's economic structure toward tradeable sectors to boost exports and ensure macroeconomic stability. She also reviewed the first phase of the Hayah Kareema (Decent Life) Initiative, which has a budget of 350 billion pounds and includes 23,000 projects across 20 governorates, benefiting 18 million citizens. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
