Egypt Targets LE 600B from Private Investments in FY23 -24: Planning MinistrySource: www.export-egypt.com 2/27/2024, Location: Africa |
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The Ministry of Planning and Economic Development has released a report stating that Egypt has set a target of LE 600 billion from private investments for the fiscal year 2023/2024 (FY23/24).
This represents approximately 36 percent of the total investments aimed for during that period. In the previous fiscal year, FY22/23, Egypt anticipated a growth of around 31 percent in private investments, while the actual growth rate achieved in FY21/22 was 29 percent. According a Ministry of Planning and Economic Development report, public investments are expected to reach LE 1,050 billion, accounting for 64 percent of the total investments. Of this amount, LE 587 billion (56 percent) is allotted to the government apparatus, LE 384 billion (37 percent) to economic bodies, and LE 79 billion (7 percent) to public companies. The report further states that the economic growth rate for FY23/24 is estimated to be approximately 4.1 percent. These estimates align with those provided by international institutions, which indicate that Egypt is projected to achieve a growth rate ranging between 4 percent and 4.3 percent in FY23/22 and FY24/23. The gross domestic product (GDP) is expected to reach LE 11.84 trillion in FY23/24, compared to LE 9.8 trillion in FY23/22. To attain the desired economic growth rate, the plan aims to increase total investments to about LE 1.8 trillion in FY23/24. |
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