Egypt's stocks close in red on Monday as benchmark EGX 30 dips 0.07%    Egypt's stocks start week higher, benchmark EGX 30 gains 0.48%    Fitch affirms Egypt's long-term foreign currency issuer default rating at B+    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt targets EGP 37.8bn in infrastructure investments
State budget will provide EGP 25.5bn in funds for public investments
Published in Daily News Egypt on 04 - 07 - 2015

The Egyptian government is targeting EGP 37.8bn in investments for the infrastructure sector during the new fiscal year (FY) 2015/2016, of which EGP 25.5bn will come from the state budget. The latest figure represents a 19.5% increase from FY 2014/2015, the Ministry of Planning revealed in a report published on Friday.
The volume of investments targeted for the transport sector in the new budget amounts to EGP 11.9bn, where EGP 7.7bn (or 64.7%) will be directed to construct and establish main road networks and bridges. A further EGP 4.6bn (34.1%) will be allocated to develop metro lines, EGP 100.8m (0.8%) will go towards raising the efficiency of river transport, and EGP 48m (0.4%) will go to develop maritime transport.
Regarding investments for housing, utilities and urban development programmes, the government has targeted EGP 20.6bn. A further EGP 987.7m will be used for agriculture development programmes.
The Planning Ministry added that the industry and foreign trade sector needs EGP 287.6m in investments, where exports development investments would need EGP 40.7m. Meanwhile, the targeted investments for the electricity sector amounts to EGP 414m.
The volume of economic growth in the first nine months of FY 2014/2015 had reached 4.7%, according to the recent report.
The draft budget, approved by the cabinet on the first day of Ramadan, set the target for the deficit in FY 2015/2016 at 9.9% of gross domestic budget (GDP), or around EGP 281bn. The budget deficit for FY 2014/2015 stands at 10.8%. The GDP growth is expected to reach 5% during the new fiscal year, compared to 4.2% during the current fiscal year.
For FY 2014/2015, the government set a goal of 10% of GDP for the deficit, compared to 12.8% of the GDP in FY 2013/2014.
The budget is targeting a 22% increase in spending on health, surging by EGP 11.5bn to reach EGP 64bn. Spending on education will jump by 8.3%, increasing by EGP 9.2bn to reach EGP 120bn.
Spending on wages is predicted to reach EGP 228bn, climbing by 27.3%, compared to the previous fiscal year and representing 14% of the total public spending.
Spending on programmes seeking "direct social protection" will reach EGP 431bn. This represents some 49% of the total public spending and a 12% increase compared to FY 2014/2015. Around EGP 11.2bn of the mentioned figure will be directed to pensions, while EGP 4.2bn will go to health insurance.
The budget allocated for petroleum subsidies for FY 2015/2015 is EGP 61bn, while EGP 38.4bn will go to supporting the food commodities' subsidies.
Revenues from taxes are expected to record EGP 407bn. Tax income from international trade is predicted to record EGP 26.9bn in FY 2015/2016, inching up by 24.8% compared to the previous fiscal year.
Prior to his election, President Abdel Fattah Al-Sisi set a goal to reduce public debt to 74.5% of GDP. In the budget draft, the government states, however, that the new goal for public debt reduction in FY 2018/2019 is 85%. The public debt increased in 12 months from EGP 1.8tn, 90.4% of the GDP in March 2014, to EGP 2.1tn, 93.8% of GDP.

Clic here to read the story from its source.