Egypt’s current fiscal year (FY) 2020/21 is witnessing an unprecedented increase in government investments in various fields, according to Finance Minister Mohamed Maait.
He said, in a statement on Sunday, that the government investments in the FY 2020/21 budget stand at EGP 280.7bn, including more than EGP 225bn from the public treasury and other sources. This is an increase of more than 35% over FY 2019/20.
The new investments aim to move the economy onto sustainable growth, and to provide new job opportunities, especially in light of the global economy slowdown as a result of the novel coronavirus pandemic.
On another note, Maait pointed out that the new model contracts binding on administrative bodies with effect from the beginning of July 2020, contribute to enhancing governance and transparency. They also offer new guarantees to preserve the rights of the state, consistent with the presidential directives in this regard.
He added that 15 model contracts were published on the websites of the Ministry of Finance, the General Authority for Governmental Services, and the General Contracting Portal.
He elaborated that some of those model contracts cover contracting operations for the rental of movables, real estate, and projects, and licensing the use of real estate and projects. Other contracts are for the purchase or rental of movables and real estate, and the sale of movables, vehicles, real estate, and projects.