Egypt’s Prime Minister Mostafa Madbouly said that the main objective of the government’s investment plan for FY2020/2021 is to achieve the largest number of projects and create more job opportunities with a total cost of EGP 140 billion.
Madbouly’s statements came during a meeting with Minister of Planning and Economic Development Hala El-Said on Sunday to review the investment plan’s features.
Madbouly added that the cost is planned to reach a minimum EGP 200 billion for FY2021/2022.
Meanwhile, El-Said said during the meeting that the plan’s key pillars are linking with the government’s action program for the sake of achieving sustainable economic growth under the umbrella of Egypt’s sustainable development strategy 2030.
She asserted that there is a special focus on education and healthcare, besides other growth sectors, including manufacturing and Information technology.
The minister also unveiled that the plan targets a growth rate of 6 percent and to increase total investments to EGP 1.366 trillion in 2021, while 2020 is planned to record EGP 1.1 trillion in investments.
She added that the plan aims to achieve a GDP of EGP 6.6 trillion in 2020 up from EGP 5.9 trillion in 2019. In addition, the plan targets allocations for area-based development projects to reach EGP 15 billion.
The meeting also touched on the issue of stalled projects and considering a proposal to allocate approximately EGP 2 billion from the investment plan budget to rescue these projects.