Egypt’s Communication Sector sees US$3.3mln Investments in FY 2015-16

The total volume of the expected investments in communication and information technology sector (ICT) within the fiscal year 2015-16 is estimated at EGP 26.1 billion (US$3.3 billion), a source in Egypt’s Communication Ministry said Sunday.

The source told Amwal Al Ghad that the private sector seizing 91.6% of the total investments by 23.9 billion Egyptian pounds.

The public sector, represented in different ministries and independent economic authorities, is expected to invest 2.2 billion Egyptian pounds in the current fiscal year, seizing 8.4% of total investments, the source added.

The source further stated that the communication sector capturing the lion’s share of ICT sector’s investments during the current fiscal year with EGP18.3 billion while the investments of IT sector are estimated at 7.8 billion Egyptian pounds.