Egypt chanels 21% of public investments to urban development: Planning minister

Minister of Planning and Economic Development Hala El-Said

 

The sum represents 21 percent of the overall public investments targeted for the fiscal year, Minister of Planning and Economic Development Hala El-Said stated on Thursday.

 

The lion share of these investments is directed to real-estate activity with a total of EGP 157.9 billion, accounting for 53.7 percent of the total public investments in the sector, according to El-Said.

EGP 103.4 billion (35.1 percent of the total public investments) and EGP 32.9 billion (11.2 percent) are dedicated to water and sanitation as well as construction projects, respectively, said El-Said.

The minister noted that the government targets increasing the urban development sector production by 15.6 percent in FY 2022/2023 to EGP 33.9 billion and raising its share to the country’s GDP by 16.3 percent to reach EGP 19.5 billion, up from EGP 16.8 billion in FY2021/22.

“This objective is driven by the continued implementation of national mega projects and expansions in housing projects that the government implements,” El-Said explained.

She noted that the production of the construction sector is planned to grow by 18.1 percent this fiscal year to EGP 985 billion, up from EGP 834 billion in FY 2021/2022.

Meanwhile, production of the real-estate sector is targeted to increase by 14.5 percent in FY 2022/2023 to post EGP 922.4 billion, up from EGP 805.8 billion in FY 2021/2022, according to El-Said.

The minister pointed out that the sanitation and recycling sector production is set to rise by 14.8 percent in FY2022/23 compared to FY2021/22 to record EGP 48.1 billion.

“The urban development sector is closely related to Egypt’s economic and social sectors. It provides one-stop, full-serviced housing and residential communities that include housing units suitable for all income segments,” El-Said said.  

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