EGP 10.8bn of public investments directed to Red Sea governorate in FY 2020/21, reflecting 31% increase over FY 2019/20
Egypt’s Ministry of Planning and Economic Development has announced the features of its “Citizen Investment Plan” for the Red Sea governorate.
The plan, which is effective during fiscal year (FY) 2020/21, comes as part of the continuation of the citizen’s plan across Egypt for the second consecutive year. It intends to activate community participation and involve citizens in planning and follow-up.
Minister of Planning and Economic Development Hala El-Said said that the medium-term sustainable development plan attaches great importance to spatial justice in health and education.
It also looks to use Egypt’s economic resources, among others, which represents a positive impact on society in terms of cohesion, stability, and sustainable inclusive growth. The plan will also focus on achieving comprehensive and balanced development across the country.
El-Said said that the launch of the “Citizen Investment Plan” comes as part of the state’s continued keenness to link the planning process with Egypt’s Vision 2030. The implementation of the country’s sustainable development goals (SDGs) will also be localised, along with the continuation of the participatory approach adopted by the Ministry with all development partners. This has been undertaken in a manner that establishes the principles of governance and accountability, and the transparency of the state’s development plan.
Regarding the Red Sea Governorate’s citizen’s investment plan, El-Said said that there are now 162 development projects in the governorate. A total of EGP 10.8bn of public investments has been directed to the Red Sea Governorate, reflecting an increase of 31% over financing for FY 2019/20.
El-Said also said that, regarding the sectoral distribution of public investments in the Red Sea under the FY 2020/21 plan, a total of EGP 3.47bn will be directed to the housing sector, at a rate of 32.2%.
At the same time, the oil and natural gas sector has been allocated investments worth EGP 3.19bn, at a rate 30.5%, and the electricity sector has been allocated EGP 1.59bn, or 14.8%. An additional EGP 784.4m has been allocated to the transport sector, reflecting a rate of 7.3%, in addition to EGP 585.8m being directed to the local development sector, at a rate of 5.4 %. This comes in addition to investments of EGP 1.05bn being directed to other sectors, reflecting a rate of 8.9%.
The most important development goals in the Red Sea Governorate’s development plan during FY 2020/21 are to direct EGP 2.7bn to its national social housing programme. This will come in addition to directing about EGP 416m to drinking water and sanitation services.
In the oil and natural gas sector, the most important development goals are the delivery of natural gas to 6,000 customers, in addition to converting 1,000 cars to run on natural gas.
The local development sector in the Red Sea Governorate will receive EGP 368.7m in the FY 2020/21 plan, which will go towards improving the environment and support the needs of local units. This comes in addition to paving local roads, which will receive funds of about EGP 155.6m, with work to strengthen the governorate’s electricity networks being allocated EGP 61.5m.
The Citizen Investment Plan includes the most prominent features of the sustainable development plan for FY 2020/21 at the national level. It also covers the most important economic indicators for each governorate, represented in gross domestic product (GDP), the real growth rate, the unemployment rate, and the number of workers, among other data.