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Egypt targets investment of more than EGP416 billion

Hopes increased funding would contribute to raising real economic growth rate to five per cent

Egypt’s government is targeting total investments of EGP416.6 billion in its plan for the fiscal year 2015-2016.

This represents an increase of nearly EGP80bn from the plan for the fiscal year 2014-2015, which amounted to EGP334 billion, reports UAE-based Aliqtisadi.

The government hopes that the increased investment would contribute to raising the real economic growth rate to five per cent, compared with roughly 4.2 per cent in 2014-2015.

According to the Basic Features report for the Economic and Social Development Plan, FY 2015-2016, prepared by the Ministry of Planning, public investments are divided among government bodies, authorities and companies by EGP75bn, EGP58.8bn and EGP46.4bn, respectively.

Targeted public investment accounted for approximately EGP180bn of total investments, while private investments accounted for EGP237bn.

Planning Minister Ashraf Alaraby revealed in an earlier statement that his ministry aimed at increasing investments by 17 to 18 per cent, during the next two fiscal years, 2016- 2017 and 2017-2018.

(EGP1 = AED0.47, at the time of publishing)