Egypt Raises Agriculture, Irrigation Investments by 71% Yoy for FY2023/2024Source: www.export-egypt.com 11/16/2023, Location: Africa |
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The Egyptian government increased investments in the agriculture and irrigation sector by 71 percent year-on-year (YoY) to EGP 116.6 billion ($3.77 billion) for the fiscal year (FY) 2023/2024, according to a report by the Ministry of Planning and Economic Development.
The governmental plan includes increasing private investments in the sector by 44 percent of total investments. The plan also incorporates increasing the total value of agricultural production in Egypt by 4.1 percent YoY to EGP 1.34 trillion, or 11.3 percent of the country’s GDP. Agriculture is among the prioritized sectors in Egypt’s economic and social reform programme, as it contributes 12 percent of GDP, 20 percent of labour force, and at least 15 percent of total non-oil merchandise exports, said the Minister of Planning and Economic Development Hala El-Said. The Egyptian government is planning to exit 83 percent of its 26 companies in the agricultural sector, read a document on the government IPO programme released by the cabinet's Information and Decision Support Centre (IDSC) in August. The Egyptian government is planning to attract $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024. The privatization programme is part of Egypt's commitments under its $3 billion loan programme with the International Monetary Fund (IMF). Egypt seeks to accelerate the implementation of the IPO programme to finalize the first and second reviews of the deal, which Morgan Stanley expects to be conducted in the coming months. |
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