Egypt to pump EGP 136.4 bln investments in urban development during FY2020/21

Egyptian cabinet plans to inject about 136.4 billion Egyptian pounds, representing 18.5 percent of the country’s total investment plan for FY2020/2021, in the urban development sector, according to Minister of Planning and Economic Development, Hala El-Said.

The minister noted that these investments are split into three parts, including real estate activities that constitute the largest part with 45.6 percent ( 62.1 billion pounds).

While 28.5 per cent of investment (38.9 billion pounds) is allocated to construction works, and 25.9 per cent  (35.3 billion pounds) is directed to water and sanitation projects.

A ministerial report clarified that the urban development sector’s share in Egypt’s gross domestic product (GDP) at constant prices is expected to reach about 706 billion pounds during FY2020/2021, with a growth rate of 4.7 percent over 2019.

The sector’s share of GDP involves the water and sanitation sector that targets achieving about 23 billion pounds, the construction works that targets achieving about  269.4 billion pounds in FY2020/2021, up from 253.1 billion pounds in FY2019/2020 , and the real estate activities that expects to attain  413.3 billion pounds output, up from 398.6 billion pounds in FY2019/2020.