Egypt targets investments of $80 billion

  • Date: 21-Apr-2021
  • Source: Arab News
  • Sector:Economy
  • Country:Egypt
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Egypt targets investments of $80 billion

CAIRO: Egypt is aiming to raise EGP 1. 25 trillion ($80 billion) as part of its investment plan for the fiscal year 2021/2022, according to the Egyptian Minister of Planning and Economic Development Hala Al-Saeed. The investment plan forecasts a 125 percent increase in funding for the production sector, the minister said, along with a 30 percent increase for the country's service sector. Al-Saeed said the plan helps address the public spending commitments related to health and education and scientific research, as well funding for the continued efforts to combat the COVID-19 pandemic. She said priority would be given to high-productivity sectors that drive sustainable economic growth in Egypt such as the manufacturing, communications, information technology and agriculture sectors. According to the minister, the most important goals of the 2021/2022 sustainable development plan include addressing important social issues such as gender equality and public investments into green projects. The annual conference provides an opportunity to present projects to potential Korean partners, and to hold personal consultations. The ambassador met Prince Saud bin Talal bin Badr, undersecretary at the Ministry of Municipal and Rural Affairs and Housing for housing subsidies, and general supervisor of the International Cooperation Department at the ministry