Egypt’s investments to reach $54.6B: Minister
Minister of Planning Ashraf el-Araby - YOUM7/Kareem-Abdul kareem

CAIRO: Egypt’s total investments are projected to reach 417 billion EGP ($54.65 billion) in FY 2014/2015, including 180 billion EGP for general investments, said Minister of Planning Ashraf el-Araby Wednesday.

General investments are into 75 billion EGP governmental investments, 55 billion EGP funded investments and the rest from foreign grants and loans, Araby said in news conference to announce the government plan for the fiscal year 2015/2016.

The National Roads Project’s investments have reached 12 billion EGP, he said, noting that the roads project will be accomplished by next year.

The national roads project was launched by President Abdel Fatah al-Sisi in July 2014. It covers 1,250 kilometers of 13 roads across Egypt with 16 companies carrying out the work. The cost of the road network project is estimated at 17 billion EGP.

Araby added that 7 billion EGP has been allocated to local development and slums.

“The Egyptian government welcomes investments that add a value to the Egyptian economy, participate in offering job vacancies and raise the foreign reserves,” Minister of Investment, Ashraf Salman, assured during his reception to Gerard Steeghs, the Netherlands Ambassador to Egypt Wednesday.

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