Allocations for public investments estimated at EGP 358.1 bln: minister

Minister of Finance Mohamed Maait said his ministry is striving to meet the financing needs of development projects, in a way that contributes further to supporting and motivating “building and reconstruction partners”, and is consistent with the major and unprecedented development efforts Egypt is witnessing nationwide.

This comes in compliance with the presidential directives for maximizing the Egyptian State capabilities in all fields, Maait added in a statement released by the Ministry of Finance on Friday.

The minister noted that the State’s orientation towards expanding investment projects to meet the citizens’ development needs was reflected in the budget of the current fiscal year with an unprecedented increase in financial allocations for public investments to reach EGP 358.1 billion, marking an annual growth rate of 27.6 percent.

In this regard, Maait appreciated the State’s orientation towards maximizing the use of its production capacity in fulfilling the needs of national projects, including those related to infrastructure, housing, new cities, energy, agricultural and industrial development, and the Egyptian countryside development.

He also highlighted the efforts exerted to cover the domestic market needs and rationalize imports, particularly in light of the turbulent conditions experienced by global economies, with the inflation rates rising to record levels in the wake of the coronavirus crisis, which has cast a shadow over supply chains.

 

Source: State Information Service Egypt

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