EGP 60.6 bln allocated in FY2020/21 for energy, mineral wealth investments: Planning minister

EGP 60.6 bln allocated in FY2020/21 for energy, mineral wealth investments: Planning minister

Investments directed to the oil, natural gas and mineral wealth sector in the current FY2020/2021 stand at EGP 60.6 billion, constituting 8.2 percent of the total investments allocated to all sectors in Egypt, Minister of Planning and Economic Development Hala El Said announced on Sunday.

For the sector's targets in FY2020/2021, El-Said said that they include increasing production, according to the ongoing prices, by 7.2 percent to reach EGP 586.6 billion in FY2020/2021, up from EGP 547.3 billion achieved in FY2019/2020. This is in addition to raising the sector's production, in terms of fixed prices, to reach 460.7 billion, up from EGP 441.1 billion in FY2019/2020, with an increase rate of 4.5 percent.

The minister pointed out that the sectors have a development vision focusing on securing Egypt's