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Suez governorate receives EGP 15.7bn in public investments under FY 2020/21 plan - Daily News Egypt

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Suez governorate receives EGP 15.7bn in public investments under FY 2020/21 plan

Public investments directed to Suez governorate grow by 14%

Egypt’s Minister of Planning and Economic Development Hala El-Said has announced that the Suez governorate has received EGP 15.7bn in public investments under the Citizen Investment Plan for fiscal year (FY) 2020/21.

El-Said also said that there are 163 projects being carried out in the governorate, with the public investments being directed to it increasing by 15% compared to the FY 2019/20. This year’s investments received by the Suez governorate represent 6% of the public investments distributed nationwide.

The Ministry of Planning and Economic Development announced the features of the “Citizen Investment Plan” in the Suez Governorate for FY 2020/21. It comes as part of the continued roll-out of the citizen’s investment plan across Egypt for the second year in a row.

El-Said added that the Citizen Investment Plan is based on evidence-based planning, by making use of databases and performance measurement indicators in all Egypt’s developmental areas. This has taken place in a way that ensures bridging development gaps between the different governorates.

The minister pointed out that the growth rate in investments financed by the public treasury and directed to the Suez governorate has reached 14%.

Regarding the sectoral distribution of public investments targeted in the Suez governorate in the FY 2020/21 plan, El-Said said investments worth EGP 10.16bn were directed to the petroleum sector, at a rate of 64.7%. The governorate’s transport sector was allocated investments worth EGP 1.86bn, or 11.8%, whilst the Suez Canal Economic Zone (SCZone) has been allocated EGP 1.08bn, or 6.9%.

A further EGP 820m was directed to the higher education and scientific research sector at a rate of 5.2%, in addition to EGP 546.56m to the housing sector at a rate of 3.5%. Other sectors received a combined total of EGP 1.25bn in investments, at a rate of 7.9%.

The Ministry of Planning and Economic Development report stated that the most important development goal in Suez Governorate’s petroleum and natural gas sector during FY 2020/21 is to deliver natural gas to 4,000 customers. The report also pointed out that 2,000 cars will be converted to run on natural gas.

In the housing sector, the most important development goals are to direct about EGP 284.8m to drinking water and sanitation services, in addition to directing EGP 101.3m to the National Social Housing Program in Suez. Alongside this, EGP 132m will go towards developing unsafe markets and informal areas in the governorate.

The report highlighted the Suez Canal Corridor development project, as the state aims to benefit from the tremendous potential of the Suez Canal. It hopes to do so by establishing a global logistics centre in the Canal Corridor, to qualify the region as a world centre of excellence in maritime, logistical, industrial and tourism services. The listed appropriations for the project for FY 2020/21 amount to EGP 19.9bn.

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