The volume of public investments in Egypt rose by 70% to EGP 595bn during fiscal year (FY) 2020/21, according to Minister of Planning and Economic Development Hala El-Said.
El-Said’s remarks came during a speech she delivered, on Prime Minister Mostafa Madbouly’s behalf, at the opening of the second Egypt Economic Summit. The 2020 edition of the summit was organised under the patronage of the Prime Minister.
The minister added that the largest share of these investments were in the health and education sectors.
She confirmed that the Egyptian state is increasing public investments by focusing on several promising sectors that represent a fundamental pillar to drive growth in the next phase.
These include health services and medical supplies, agriculture, food industries, communications and information technology (CIT), construction, and manufacturing industries.
In this context, the state has increased public investment by 70%, and in a way that reflects the priorities imposed by the novel coronavirus (COVID-19) pandemic. The most important sectors to which allocated investments have increased are health and education, due to their being of the utmost importance to the Egyptian state.
The investments have been increased in recognition of health and education being the main tool for development, building human capabilities, and their position as the main entrance to social progress.
El-Said said that the state took all pre–emptive measures to confront the coronavirus and to ensure that the wheel of economic activity continued. This saw a balance and the overcoming of a great challenge achieved by the Egyptian state.
The minister asserted that the global health crisis has rearranged global priorities, and highlighted the importance of several areas that represent urgent priorities for most countries around the world. Foremost among these are the sectors of health care and social protection.
She said that the Egyptian state is keen to take into account the balance between protecting individuals and continuing economic activity, while dealing with the crisis. She noted that this was reflected in the government’s interest in social protection networks and job creation, through the expansion of the number of beneficiaries of the Takaful and Karama programme.
The state has also continued the implementation of the “Decent Life” and “Survival Boats” initiatives, as the most important tools to enhance the umbrella of social protection.