Egyptian government investment expenditures in the draft budget for the fiscal year (FY) 2020/21 have been increased from EGP 150bn to EGP 230bn, Prime Minister Mostafa Madbouly has announced.
During a meeting with representatives of the real estate development and contracting sector on Thursday, Madbouly elaborated that this increase aimed at expanding various development and service projects nationwide.
Besides, the budget of the New Urban Communities Authority will also be increased in FY 2020/21; consequently, construction companies will have more opportunities for expansion.
Madbouly stressed that the government is keen on supporting real estate development and contracting sector under the current circumstances.
He noted that the real estate sector is linked to more than 90 other industries, and that supporting the local industry is one of the government’s priorities.