Minister: Egypt Eyes 5.4-5.6% Growth Rate in FY2022

Mohamed Maait, Minister of Finance said that the Egyptian government aims to achieve a growth rate ranging between 5.4 and 5.6% during the fiscal year 2022, expecting that the country's economy will grow at a rate of 2.8% during the FY2021, according to Al Sharq news platform.

Maait added that allocations have been made for the establishment of a “Decent Life” initiative in the state’s general budget, as well as in the budgets of the economic bodies that will participate in the project, such as the Urban Communities Authority and the Petroleum Authority, which will provide part of the funding.

The Ministry of Petroleum will participate with its various bodies in the delivery of natural gas to homes through its companies, and the public treasury will bear part of the cost, and the Ministry of Finance will transfer the additional funds to the ministry in the coming years.

The minister pointed out that the project, which will cost around EGP 700 billion, will cover all the United Nations SDGs, noting that the strategic objectives of the project depend on indicators of poverty, unemployment and quality of life.

He added the strategic objectives of the initiative include improving living conditions, the level of infrastructure and urban services, improving the quality of human development services, in addition to economic development and employment.

He indicated that the project is based on accelerating the pace of implementation and changing the lives of citizens in villages, through the introduction of more services to citizens, including the establishment of schools, hospitals and health centers in nearby areas, which will reduce the burdens on citizens.

Maait said that switching to natural gas will reduce costs for citizens compared to relying on butane gas, as the average family buys two gas cylinders per month at a value of up to EGP 150.

He concluded that the initiative will to provide job opportunities for citizens, easing the pressure on Cairo, which will begin to witness the transition of the government bodies to the new administrative capital before the end of this year.