Arab Finance: The private sector investments in the Egyptian market exceeded expectations in the financial year (FY) 2023/2024, reaching EGP 700 billion, with an annual growth rate of 5.3%, Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat announced.

Speaking at an expanded meeting with the Planning and Budget Committee, she detailed the government's efforts to enhance private sector participation while achieving a total investment volume of EGP 1.6 trillion with a 98% implementation rate.

The minister noted that total investments under the development plan amounted to EGP 1.6 trillion, with a 98% implementation rate.

Public investments, which accounted for 57% of the total, have declined as the state prioritizes creating more opportunities for private sector activities.

Al-Mashat reaffirmed the government's determination to improve the business environment through effective measures aligned with the state ownership policy document.

Despite challenges, including a slowdown in some sectors like the Suez Canal, extractions, and manufacturing, which contributed to economic growth dipping to 2.4%, Al-Mashat outlined measures to support macroeconomic stability.

She emphasized a focus on human and social development sectors, including significant investments in education, health, housing, and rural development.

Upper Egypt governorates received 35% of investments directed to local development.

Among key achievements were the establishment and development of 23 hospitals and family health centers for EGP 11.5 billion, the replacement and renovation of 8,000 classrooms, and the launch of 10 applied technical schools.

The government also allocated EGP 28 billion to the national housing project, providing 69,200 housing units benefiting 350,000 citizens.

Efforts to enhance infrastructure included new electricity projects to secure energy needs and continued implementation of the Decent Life initiative, which provided small and micro-financing worth EGP 65.6 billion to 2.9 million citizens in rural areas.