Cairo – Mubasher: Egypt’s public investments increased by 12% during the first half of fiscal year 2018/2019, amounting to EGP 175 billion, the Egyptian planning minister said.
The state-backed investments were pumped into infrastructure, energy, and pure water projects, Hala El Said added during Cityscape Business Breakfast conference.
The minister said that the North African nation has invested more than EGP 1 trillion over the past years, according to a press release.
On the other hand, she highlighted that the government is aiming to raise the industrial growth rate to 10% in FY21/22 from 6.3% in FY18/19.
The construction and engineering sector contributes around 17% in the growth rate, as well as provides about 13% of the offered jobs, El Said indicated.
After 26 months of economic reform, she said that Egypt’s economic growth rate reached 5.3% at the end of 2018, marking the highest rate over the previous ten years.
Investments made up 70% of the economic growth, while consumption accounted for 30%, leading the unemployment rate to slump to 9.9%, she pointed out.
El Said concluded her speech saying that all the initial indicators, including unemployment rates, will be announced next month.
