Egypt sees unprecedented increase in investment spending – minister

Egypt is witnessing an unprecedented increase in government spending on investments in the financial year 2020/2021, its Finance Minister Mohamed Maait announced on Sunday.

The government allocated  280.7 billion pounds to investments in 2020/2021 budget, including 225 billion pounds to be financed from the state treasury and other sources, up by 35 percent from the previous year, alongside other self-financing sources such as state-run funds and authorities, Maait added.

These investments are aimed at driving the country’s economic growth and creating new jobs to maintain economic reforms amid the coronavirus (COVID-19) crisis.