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Egypt to allocate EGP 1.4T investments in FY 2022/2023

Egypt to allocate EGP 1.4T investments in FY 2022/2023

ArabFinance: Egypt is planning to pump around EGP 1.45 trillion in the fiscal year (FY) 2022/2023 budget, up 17% from FY 2021/2022, Minister of Planning and Economic Development Hala El-Said said during a speech on the new general budget before the House of Representatives, according to an official statement on May 9th.

The new FY investments will include around EGP 1.1 trillion public investments and EGP 350 billion private investments, she noted.

The minister revealed that Egypt will also invest EGP 336 billion in green projects during FY 2022/2023.

The government is planning to pump EGP 93.5 billion investments into transformative industries during FY 2022/2023, El-Said added.

El-Said maintained that around EGP 17.5 billion will be allocated to the general courts of governorates and to the Ministry of Local Development in FY 2022/2023.

The Egyptian government is also dedicating EGP 10 billion in the general budget for FY 2022/2023 to integrate the social aspect in development plans, El-Said said.

The allocated amount will be invested to achieve equality among all social classes and serve causes with top priority, including women, children, and citizens with special needs, she noted.

As for unemployment, El-Said announced that the new general budget aims to add 900,000 people to the labor market to maintain unemployment rate at a range between 7.4% and 7.5%.

The government is revisiting its economic growth plan to stand at 6% in the current year and 5.7% in FY 2022/2023, down from the previous forecast of a 6.4% growth rate in FY 2021/2022, as the Russian-Ukrainian crisis negatively affected sectoral growth and investment inflows, El-Said announced.

The gross domestic product (GDP) is estimated be reach around EGP 9.26 trillion at current prices in FY 2022/2023, up 16.3% year-on-year (YoY), El-Said unveiled.

In a similar vein, Egyptian Minister of Finance said that Egypt increased allocations to subsidies and social protection to EGP 356 billion in the FY 2022/2023 general budget.

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