Egypt’s Minister of Planning and Economic Development Hala El-Said has revealed that the fiscal year (FY) 2021/22 investment plan has allocated 30% of public investments to developing projects in Upper Egypt.
El-Said said that the plan’s main targets in the field of economic development are to achieve a high growth rate of GDP, at 5.4%, and to increase per capita real GDP by 3.4%.
The minister’s remarks came during her review of the FY 2021/22 investment plan, on Sunday, in the plenary session of the Egyptian Senate.
The plan’s main objectives are to double Egypt’s savings rate to about 11.2%, with an increase in the investment rate to 17.6%.
Meanwhile, other objectives include increasing tourism revenues to $6bn, and ensuring a gradual rise in foreign exchange (FX) reserves to $42bn by the end of FY 2021/22.
El-Said also referred to the plan’s main objectives in the field of social development, noting that it aims to reduce the population growth rate to about 2%.
At the same time, there will be efforts to reduce the annual inflation rate to 6%, reduce the unemployment rate to about 7.3%, while reducing the poverty rate to 28.5%.
The plan’s main objectives also include reducing the illiteracy rate to about 17.5%, whilst increasing the participation of females and youth in the workforce to narrow the gender and age gap in unemployment rates.
El-Said also reviewed the FY 2021/22 investment plan’s goals in the field of urban development and environmental improvement.
The minister indicated the plan aims to expand on the construction of new cities, whilst also conserving energy use and reducing carbon dioxide emissions.
Meanwhile, expansion would also take place in the use of clean technology, as part of the shift towards the green economy and environmentally friendly projects. This is in addition to developing unplanned slums in the governorates, and the implementation of a programme to remove all unsafe areas.