Egypt’s FY 2023/24 development plan recorded a 98.5% implementation rate with EGP 1,626 billion in investments, representing a 5.8% growth over the previous year. Notable improvements were seen in sectors such as tourism and manufacturing, with an expected annual economic growth of 4%. Public investments reached EGP 926 billion, while private sector investments exceeded targets at EGP 700 billion, highlighting the shift towards private-sector-led development.
The implementation rate of Egypt’s FY 2023/24 economic and social development plan reached approximately 98.5%, as reported by Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat. The plan aimed for a target of EGP 1,650 billion, and the total investments achieved were around EGP 1,626 billion, marking a 5.8% growth from the previous fiscal year.
During a House Economic Committee meeting, Al-Mashat emphasized the resilience of various sectors despite existing challenges in the Egyptian economy. Significant improvements were noted particularly in non-oil manufacturing, tourism, transport, and storage sectors, with an anticipated overall economic growth of 4% for the fiscal year.
Furthermore, Al-Mashat detailed government strategies towards public investments, with EGP 926 billion executed at a growth rate of 6.3%, achieving 88% of the intended EGP 1,050 billion. This led to a reduction in the proportion of public investments relative to total investments, moving from 64% to about 57%, aligning with the strategy to boost private sector participation.
The private sector investments for FY 2023/24 surged to EGP 700 billion, surpassing the target of EGP 600 billion by 116%, thus increasing its share to 43%. This significant upsurge offered a counterbalance to the dip in public investments and underscored the government’s push for private-led economic growth as part of the State Ownership Policy Document.
Investment in infrastructure accounted for EGP 180.6 billion, making up 57.9% of public investments, which fell short of the targeted 66.3%. However, emphasis on human development investments rose to 42.4% of total public investments this year. Al-Mashat also noted local development investments reached EGP 23.2 billion, exceeding expectations, with Upper Egypt governorates receiving 35% of those funds, an increase from the previous year’s 21.4%.
Egypt’s FY 2023/24 development plan achieved a high implementation rate of 98.5%, reflecting effective management and alignment with set economic objectives. The noticeable growth in private sector investments and the commitment to human development underlines the government’s strategic direction. Continued collaboration among ministries and stakeholders will further advance Egypt’s Vision 2030 agenda and bolster macroeconomic stability amidst challenges.
Original Source: www.dailynewsegypt.com
