CAIRO: In a move toward achieving greater sustainable development, Minister of Planning and International Cooperation Ashraf al-Araby said on Thursday that 337 billion EGP in new investments will be pumped into Egypt in fiscal year 2014/2015, according to a statement on the Cabinet’s website.
During the Cabinet meeting held Thursday, Araby showed the ministry’s plan for social and economic development for the next fiscal year, pointing out that 63 percent of the scheduled investments will be national investments from the government and individuals, while the remaining will be foreign investment.
Araby said a large part of the investments will be directed toward achieving social equity, “as it is one of the most vital challenges for the government in the upcoming period,” and promoting Egypt’s economy and developing infrastructure, the statement said.
The government has also allocated 62 billion EGP of the new budget for governmental investments, he said.
Such governmental investments will be directed toward developing poor villages and slums, improving education, health care and transportation, as well as developing cultural services, local development and infrastructure projects, it said.
The government aims to improve the investment atmosphere, provide more job opportunities, achieve sustainable development and promote the growth rate by increasing governmental investment and allocating stimulus packages and financial allocations, he said.
It seeks to achieve an economic growth rate of 3.2 percent growth rate rather than the 2 percent of the past three years, he said.
After the events of June 30, the government pumped about 60 billion EGP into two stimulus packages as part of a long-term development plan to achieve sustainable development in education, health and infrastructure, Amwal Al Ghad reported.
The previous government provided financing for two stimulus packages by cashing Gulf war deposits, valued at 60 billion EGP, held at the Central Bank of Egypt since 1991, it said.
The first stimulus package, of 29.7 billion EGP, was invested in October 2013 to deliver natural gas to 800,000 housing units, launch 115 sewage projects, implement 175 water projects, develop 27 railway crossings and bridges, finish the second stage of the subway metro, connect facilities to 35 industrial regions, reclaim 32,000 acres, fix electricity stations, develop health services, and develop 59 hospitals in governorates, Al Ahram Digital reported.
The second stimulus package, of 30 billion EGP, was invested in January 2014 for developing infrastructure, applying minimum wage rates and achieving sustainable development, it reported.