Investments in Egypt’s ICT sector to hit LE67.1B in FY 2022/23 – Egypt Today

Investments in Egypt’s ICT sector to hit LE67.1B in FY 2022/23 – Egypt Today

CAIRO - 24 November 2022: Egypt’s Ministry of Planning & Economic Development issued a report clarifying the objectives and investments of the communications and information technology sector in the plan for the current fiscal year 2022/23 - (FY 2022/2023).

H.E. Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development, said that the communications and information technology sector plays an imperative and major role in promoting the elements of sustainable development, by providing it with modern knowledge and information that motivate and guide investment, production, and operating decisions.

El-Said explains that the (FY 2022/2023) plan is intended to direct investments amounting to EGP 67.1 billion for the communications and information technology sector, compared to EGP 58.2 billion for investments expected by the end of the previous year 2022/21, with a growth rate of 15%.

The percentage of sector investments to the total investments in the plan reaches 5%.

Regarding the objectives of the communications and information technology sector in the (FY 2022/2023) plan, the Ministry of Planning’s report indicated that the sector’s production is expected to increase by about 20% at current prices, and by 14.3% at constant prices.

About output, it was projected to increase by approximately 21% at current prices, and 14.4% at