In her opening speech at this year’s Egypt Economic Summit, El Said stated that total investments in infrastructure projects amount to EGP 130 billion in the last 7 years
Egypt distributed around EGP 3.6 trillion towards public investments between fiscal year (FY) 2014/2015 and FY2021/2022, with total public investments in FY 2021/2022 up by 46% to reach EGP 933 billion, revealed Minister of Planning and Economic Development, Dr. Hala El Said.
In her opening speech at this year’s Egypt Economic Summit, El Said stated that total investments in infrastructure projects amount to EGP 130 billion in the last 7 years, adding that the Sovereign Fund of Egypt is looking to increase the exchange market capital by 12% to EGP 730 billion.
El Said pointed out that the predicted economic recovery is being accompanied by rising demand, which has resulted in supply chain difficulties across the world, severely affecting the labor market and leading to price increases in critical and key items internationally. It prompted significant increases in shipping and energy prices, with oil and energy prices increasing by 50% to 80% in the previous 6 months.
Egypt’s economic reform program, which started in 2016, has given space for the country’s economy to deal positively with the economic impact of COVID-19, especially since Egypt attained a GDP growth rate of 5.9% in FY2019/20, the highest in 11 years, she added.
“With the outbreak of Covid-19 and its social and economic aftereffects, the Egyptian government has played a key role in implementing promising reform programs that began 7 years ago in order to achieve the comprehensive and sustainable development goals outlined in Egypt's 2030 vision, which was announced in February 2016,” El Said pointed out.
Egypt obtained GDP growth of 3.3% in FY 2020/2021, compared to 3.6% in FY2019/20, making it among the few countries globally to see growth amid the pandemic, with GDP growth expected to jump 5.5% – 5.7% in FY 2021/2022, supported by the 9.8% GDP growth achieved in the first quarter.
She also highlighted the efforts made by the government to enhance the role played by the private sector as one of the key pillars of Egypt’s national structural reform program.
The Egypt Economic Summit, under the auspices of the Prime Minister, is one of the country’s leading economy-centered summit, with government officials and influential business leaders congregating to discuss Egypt’s biggest hurdles and enhancements. This year’s theme was economic challenges and opportunities post-COVID.
