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Total governmental investments during Q1 of current FY amounted to EGP 27.4bn: Al-Saeed Largest share of public investments went for infrastructure development, says minister of planning
The Minister of Planning, Follow-up and Administrative Reform, Hala-Al-Saeed, revealed that total governmental investments that were implemented by the state during the first quarter (Q1) of the current fiscal year (FY) amounted to EGP 27.4bn. Al-Saeed continued during her speech in the economic conference of Akhbar El yom held under the title of "Manufacturing… the way to the future,” that total public investments implemented during Q1 of this FY recorded EGP 80bn. She elaborated that the largest share of these investments went towards infrastructure development, noting that the construction and public utilities sector accounted for 18% of public investments, followed by the transport sector by 13%, then the electricity sector by 11%, in addition to 7% for health and education. The minister said that Egypt has achieved positive growth rates in all sectors of the economy, elaborating that growth is currently led by the foreign direct investment sector. She also stressed the state's interest in the small and medium enterprises sector, pointing out that a plan of action is currently being prepared for structural reforms for all the sectors, in coordination between all ministries and concerned bodies, in addition to the private sector. She explained that the Egyptian economy achieved the highest annual growth rate in 10 years, reaching 5.3% during the FY 2017/18, recording the same rate during Q1 of the current FY. In addition to the decline in the unemployment rate to 9.9% in 2018/19 compared to 13.2% in 2013/14. “Furthermore, the IMF maintained its positive outlook for the Egyptian economy with a forecast of 5.3% growth in 2018 and 5.5% in 2019 despite the difficulties facing the global economy,” she said proudly.
