Connect with us

Hi, what are you looking for?

Business

Egyptian gov’t investments rise by 410% in 5 years

Egyptian investments

Governorate investments surged 410% over the past five years, Ahmed Kamali, Deputy Minister of Planning and Economic Development, said on the sidelines of a workshop.

Carrying the titled “Curricula and Tools Developed for Local Planning,” the workshop was held by the ministry to discuss preparing a proposal for the next fiscal year 2022/2023.

The workshop includes a review of the investment plan and the services provided by the ministry to facilitate the process of following up on projects, Kamali said.

There will be follow-up screens and the accreditation will become linked to follow-up, Kamali pointed out.

Sustainable development goals

Touching on the localization of the sustainable development goals, Kamali explained that the idea began about three years ago in four governorates.

He added that sustainable development localization reports have been across 27 governorates in cooperation with the United Nations Population Fund.

Kamali said that the governorates competitiveness index will be launched next year. It is a special indicator for each governorate to calculate competitiveness.

It will create positive competition among all governorates, and will make the situation of each governorate clear in terms of competition.

Egyptian investments

The total government investments implemented during the last fiscal year 2020/2021 rose by 50.5% on an annual basis, the Egyptian Minister of Finance, Mohamed Maait, said.

He said in a statement that the total government investments that were implemented during the last fiscal year amounted to 289 billion Egyptian pounds, in a way that helps speed up the implementation of the goals of Egypt’s Vision 2030.

According to Statista website, As of the fiscal year 2021/2022, the government investment in Egypt was close to 358 billion Egyptian pounds (around 22.8 billion U.S. dollars).

Investments in construction and real estate amounted to 255 billion Egyptian pounds (which is equivalent to 16.24 billion U.S. dollars), with infrastructure receiving the majority of the investment in this category.

Government spending on machinery and equipment reached 70 billion Egyptian pounds (4.46 billion U.S. dollars).

 

Business

London, (Business News Report) – Remittances from Egyptian expatriates have increased by 7.8% in the first ten months of 2021, compared to the same period...

Business

Cairo, (Business News Report) – Egypt plans to develop industrial mining cities for the extraction of gold, copper, and phosphate, Bloomberg Asharq cited Oil...

Finance

Egypt’s foreign reserves increased by 2.17% during 2021, compared to the previous year. The Central Bank of Egypt said that Egypt’s foreign reserves increased...

Business

Egypt has awarded seven international oil companies new areas for oil and gas exploration after an auction in which many specialized companies participated. The...