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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Eyes 800 Billion EGP Investments in 2024 Economic Plan


Sun 21 Apr 2024 | 11:50 PM
H-Tayea

Egypt’s Minister of Planning and Economic Development, Hala El-Said, announced that the government aims to inject investments worth approximately 800 billion Egyptian pounds in 2024. Speaking at a press conference, El-Said detailed Egypt’s ambitious target of $1.5 billion from its public offering program by the end of 2024.

“The government targets a 3% growth rate by the end of 2024 and 4.2% for 2025. We aim to channel about 800 billion Egyptian pounds into public investments in 2024,” said El-Said.

El-Said represented Egypt at the annual Spring Meetings of the International Monetary Fund and the World Bank, held from April 15-20 in Washington, D.C., attended by delegations and representatives from various countries.

During her participation, the minister showcased the investment opportunities available in Egypt and discussed the role and responsibilities of the Ministry of Planning and Economic Development.

“Our ministry is responsible for developing long, medium, and short-term plans, preparing the annual investment plan, and coordinating with all entities and ministries in Egypt.

Additionally, we are tasked with formulating and monitoring the execution of Egypt Vision 2030’s objectives, aiming to achieve economic development goals,” she explained.

El-Said also addressed the global challenges that have impacted many countries, including Egypt, such as the COVID-19 pandemic, the Russian-Ukrainian war, the energy crisis in Europe, disruptions in global supply chains, rising shipping costs, commodity shortages, escalating inflation, and climate change.

Despite these challenges, El-Said noted that the Egyptian economy has managed to achieve positive growth rates, recording 5.6% in FY 2018/2019, 3.6% in FY 2019/2020, 3.3% in FY 2020/2021, 6.6% in FY 2021/2022, and 3.8% in FY 2022/2023.

This announcement comes as Egypt continues to position itself as a leading investment destination in the region, striving to overcome global economic disturbances and maintain its trajectory towards sustainable economic growth.