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Egypt’s Budget Allocates Unprecedented Share to Public Investments

Egypt’s Budget Allocates Unprecedented Share to Public Investments

Monday, 17 May, 2021 - 11:45
Finance Minister Mohamed Maait speaks during a news conference, Cairo, Egypt, July 5, 2018. - REUTERS/Mohamed Abd El Ghany

Egypt’s Finance Minister Mohamed Maait said that the financial allocations for public investments in the draft-budget were witnessing an unprecedented increase, to reach 358.1 billion pounds ($22.9 billion) with a growth rate of 27.6 percent, with the aim to improve the level of services provided to citizens.

In a press statement on Sunday, the minister said that economic bodies were one of the most important pillars of economic activity and contribute to creating a suitable business climate, by achieving a gradual improvement in financial conditions and good management of state assets.

Maait noted that the state’s projects were the main engine of the economy, adding that Egypt was one of only 4 countries to achieve positive growth rates despite the coronavirus pandemic, which affected the world’s largest economies.

“An amount of EGP 308.3 billion has been allocated in the draft-budget to support the activities of economic bodies and contribute to their capital, in a way that helps finance their investments to implement national and development projects, with the aim to contribute effectively to enhancing public services and improving the citizens’ quality of life,” he underlined.

The minister added that Egypt’s 57 economic bodies contributed to the income of the state’s public treasury through their surpluses and profits.

He also emphasized that continuing to support these bodies was consistent with the objective of targeting a wider segment of society and enable it to improve the services and the quality of facilities, especially as some of these bodies manage key public facilities and support national projects that represent one of the most important development tools.

Maait emphasized the importance of concerting all efforts to make the national integrated program for structural reforms a success in order to complete the reform process and achieve the comprehensive development in the country.

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