Egypt’s public investment in FY2020/21 is ‘unprecedented’: min. – Egypttoday

Egypt’s public investment in FY2020/21 is ‘unprecedented’: min. – Egypttoday

FILE - Egyptian currency banknotes





CAIRO - 2 August 2020: Minister of Finance Mohamed Maeit stated Sunday that the size of public investment in FY2020/2021 is unprecedented as it is worth LE280.7 billion ($17.5 billion) with a 35-percent increase compared to the previous fiscal year.  

The value of the treasury's contribution is more than LE225 billion while the rest is self-funded by various agencies, funds, and private accounts.  

The aim of such investment is creating job opportunities, and inhibiting economic slowdown amid the COVID-19 crisis maintaining the outcomes of the economic reform program executed by Egypt over the past 4-5 years.

The information center of the Cabinet published in June an infrograph highlighting financial allocations for the development and services sectors that are meant to improve living standards of citizens, after announcing the biggest budget in Egypt's history for fiscal year 2020/21.



Reaping the fruits of national economic reforms alongside the easing of the economic repercussions of the novel coronavirus are the key features of the 2020/21 budget.



The infrograph showed an expected rise in the FY 2020/21 budget expenditure by six percent to reach EGP 1.7 trillion, compared with EGP 1.6 trillion in