Cairo – Decypha: The Egyptian government is targeting EGP 646 billion worth of investments in its budget for fiscal year 2017/2018 (FY17/18), Egypt’s Minister of Finance, Amr El Garhy said.
Speaking at a press conference to announce preliminary information about the budget, the minister said that government investment will represent around 48% of the budget versus 52% from the private sector.
Egypt is targeting attracting between $13 billion and $15 billion in foreign investments next year.
The Egyptian Cabinet approved, in its weekly meeting, the general budget and the government’s investment scheme for FY17/18, in preparation to send it to Parliament for approval.
Targeted revenues amount to EGP 830 million in the upcoming budget, up 27% from the previous year, a statement showed.
General expenses will increase 19.5% to EGP 1.2 trillion due to 38% higher financial investment allocations, reaching EGP 125.4 billion. Such investments will help boost economic activity and enhance infrastructure, according to the statement.
By: Mostafa Adel
Translated by: Nada Adel Sobhi
