Egypt channels 21% of public investment to urban development: Minister of Planning – Economy – Business

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Minister of Planning and Economic Development Hala El-Said

The sum represents 21 percent of all targeted public investment for the fiscal year, Planning and Economic Development Minister Hala El-Said said on Thursday.

The lion’s share of these investments is directed towards real estate activity with a total of EGP 157.9 billion, accounting for 53.7 percent of total public investment in the sector, according to El-Said.

EGP 103.4 billion (35.1% of total public investment) and EGP 32.9 billion (11.2%) are spent on water and sanitation as well as construction projects respectively, said Al-Said.

The minister noted that the government aims to increase the output of the urban development sector by 15.6% in the financial year 2022/2023 to EGP 33.9 billion and increase its share in the country’s GDP by 16, 3% to EGP 19.5 billion from EGP 16.8 billion in FY 2021/22.

“This goal is driven by the continued implementation of national mega-projects and the expansion of housing projects that the government is implementing,” El-Said explained.

She noted that construction sector output is expected to increase by 18.1% in this fiscal year to reach EGP 985 billion from EGP 834 billion in fiscal year 2021/2022.

At the same time, the output of the real estate sector is expected to increase by 14.5% in the financial year 2022/2023 to reach EGP 922.4 billion, compared to EGP 805.8 billion in the financial year 2021/2022, according to El- Said.

The minister pointed out that the production of the sanitation and recycling sector is expected to increase by 14.8% in the financial year 2022/23 compared to the financial year 2021/22 to reach a record of 48.1 billion of EGP.

“The urban development sector is closely linked to Egypt’s economic and social sectors. It provides one-stop, full-service housing and residential communities that include housing units suitable for all income segments,” El-Said said.

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