Egypt pumped more than LE 960 billion in public investments in the last four years within the framework of the government’s efforts to upgrade the quality of life and raise the living standards, according to Minister of Planning Hala el- Saeed.
This came during her speech at the opening session of the fourth edition of Al-Sadat Academy for Management Sciences’ conference, entitled “From Economic Growth to Economic Happiness.”
The minister clarified that during the first quarter of fiscal year 2018/2019, 490 projects have been implemented with an investment cost of LE27.2 billion in 13 sectors distributed all over the country.
Saeed noted that these projects included executing 238 projects in health and education sectors at an amount of LE1.6 billion and 164 projects in Upper Egypt at LE 12 billion.
Saeed added that Egypt achieved positive results during the past four years, including recording the highest annual economic growth rate in 10 years by 5.3 percent in 2017/2018 and in the first quarter of current fiscal year.
The minister referred that the economic rate was driven by achieving positive rates in all economic sectors, explaining that the source of this growth is investment and net exports, not consumption.
The minister added that the unemployment rate declined to 9.9 percent, the payment balance achieved a surplus of$12.8 billion, and the foreign reserves hiked to $44.5 in October 2018 to cover nine months of imports after covering only three months in 2014.
According to Saeed, all these efforts contributed to recording progress in Egypt’s position in the international indicator of happiness.
As per expertise exchange, she said that the government seeks to exchange successful experiences with other countries in fields of administrative reforms and development.
She also referred to the United Arab Emirates’ experience in this field as it is the first country to have a Ministry of Happiness, clarifying that Egypt cooperated with UAE to launch the Egypt Government Excellence Award to spread culture and enhance competitiveness in the country’s administrative sector.
The minister added that the cooperation also included the construction of logistic centers for citizens in all governorates, starting with Cairo and Aswan, and establishing the project of 100 million programmers which aims at boosting the students’ capabilities in the field of programming.
Saeed announced earlier that Egypt’s total public investments during the first quarter of the 2018/2019 recorded LE 72 billion, with government investments of about LE 27.4 billion.