Egypt allocates 30% of public investment to the development of Upper Egypt, according to the Minister of Planning



Egyptian Planning and Economic Development Minister Hala El-Said revealed that the 2021/22 Fiscal Year (FY) investment plan allocated 30% of public investment to the development of projects in Upper Egypt.

El-Said said the main objectives of the plan in the area of ​​economic development are to achieve a high GDP growth rate, at 5.4%, and to increase real GDP per capita by 3.4%.

The minister’s remarks came during her review of the 2021/22 fiscal year investment plan on Sunday in a plenary session of the Egyptian Senate.

The main objectives of the plan are to double Egypt’s savings rate to around 11.2%, with an increase in the investment rate to 17.6%.

Meanwhile, other goals include increasing tourism revenues to $ 6 billion and ensuring a gradual increase in foreign exchange reserves (FX) to $ 42 billion by year-end. 2021/22.

El-Said also referred to the plan’s main goals in the area of ​​social development, noting that it aims to reduce the population growth rate to around 2 percent.

At the same time, efforts will be made to reduce the annual inflation rate to 6%, reduce the unemployment rate to around 7.3%, while reducing the poverty rate to 28.5%.

The main objectives of the plan are also to reduce the illiteracy rate to around 17.5%, while increasing the participation of women and young people in the labor market in order to reduce the gender and age gap in the unemployment rate.

El-Said also reviewed the objectives of the investment plan for fiscal year 2021/22 in the area of ​​urban development and environmental improvement.

The minister said the plan aims to expand the construction of new cities, while conserving energy consumption and reducing carbon dioxide emissions.

Meanwhile, the expansion would also take place in the use of clean technologies, as part of the transition to the green economy and environmentally friendly projects. This is in addition to the development of unplanned slums in the governorates and the implementation of a program to remove all dangerous areas.

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