Egypt to receive funds and grants worth $25.5 bln at end-2017

The total funds and grants Egypt that has received from development partners at the end of the financial year 2016/2017 are expected to reach $25.5 billion, according to an official report issued by the Investment and International Cooperation Ministry on Wednesday.

The report added that the largest beneficiaries of the funds as of September 2015 until the end of June 2016 were the state budget at $3.5 billion, then the electricity sector at $1.75 billion, followed by the housing sector at $585.6 million.

Among the sectors benefitting from the funds were the transportation and aviation sector at $507 million, the irrigation and agriculture sector at $392.92 million, while the remaining $9.8 billion was directed to support other economic sectors.

The report also said that a number of companies that were established or expanded in November stood at 2,155 companies, compared to 1,462 firms in November 2016.

The capital of companies was valued at 3.9 billion pounds, compared to 1.6 billion pounds in the same month last year.

The report stated that around 855 of the companies were in the services sector, 611 companies in the industrial sector, 101 companies in the construction sector, 85 firms in the information technology domain, 51 companies in the agriculture sector, and 27 companies in the tourism sector. Source: Egypt today