Egypt deals with coronavirus impacts by increasing investments – minister

Egypt dealt with the coronavirus impacts by increasing public investments by 70 percent in health, education, sanitation, housing, communications and technology, agriculture, and irrigation in the financial year 2020/2021 budget.

Egyptian Minister of Planning and Economic Development Hala El-Said made these remarks in a speech on Sunday during the opening of the third stage of the Al-Asmarat housing project in Moqattam, Cairo.

In the financial year 2020/2021 budget, communication and information technology investments surged by 300 percent, agriculture and irrigation by 245 percent, sustainability investments by 30 percent, and renewable energy investment by 100 percent.

El-Said said Egypt adopts dynamic policies in accordance with ongoing developments in the current crisis.

She also touched upon the initiative to support consumption and domestic products, which will reflect positively on the citizens’ purchasing power, the production cycle and the production capacity.

The initiative also aims to provide cheaper commodities in the domestic market and to encourage consuming as a core component of Egypt’s GDP growth, targeting a total consumption of 100 billion pounds by extending discounts of up to 20 percent on all durable and non-durable commodities, in addition to providing instalment systems at a decreased interest rate, El-Said said.

The minister also revealed that the initiative’s website has been launched, and that it includes all commodities that consumers can purchase and data about suppliers and producers.