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Egypt allocates 42% to human, social development projects & investments in FY 2024/2025 plan

She noted the significant growth in investments in the human and social development sector over the past 10 years, increasing from EGP 29.3 billion in FY 2015/2016 to EGP 161.9 billion in FY 2024/2025.

By: Business Today staff

Thu, Oct. 3, 2024

Minister of Planning and Economic Development, Rania Al-Mashat, highlighted the structure of public investments in the economic and social development plan for the fiscal year 2024/2025. The plan includes 42% allocated to human and social development projects and investments, 37% to industrial development and infrastructure projects, and 21% to local development projects and investments.

 She noted the significant growth in investments in the human and social development sector over the past 10 years, increasing from EGP 29.3 billion in FY 2015/2016 to EGP 161.9 billion in FY 2024/2025.

 Additionally, investments directed to the governorates have grown by 315% over the last decade, rising from EGP 6.8 billion in FY 2014/2015 to EGP 28 billion in FY 2024/2025.

Regarding the procedures for investment governance and reprioritizing FY 2024/2025 plan, Al-Mashat stated that the ministry coordinated with the relevant ministries and authorities to establish executive steps for governing investment spending.

This was done in light of the Prime Minister's decisions to prioritize projects that have surpassed 70% completion and projects expected to be finalized soon.

Recently in October, the Ministry of Planning and Economic Development added that Egypt’s GDP recorded a growth rate of 2.4% during the last quarter (Q4) of FY2023/2024, bringing the annual growth rate to 2.4% compared to a growth rate of 3.8% in FY 2022/2023.

The Purchasing Managers' Index (PMI) rose to 50.4 points in August 2024, increasing above neutral for the first time since November 2020, driven primarily by expansion in manufacturing activities.