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Egypt's public sector investments climbed 86% in 2nd quarter of 2017-2018 FY - ministry

Egypt's public sector investments climbed 86%  in the second quarter of the 2017-2018 fiscal year to stand at LE 95 billion, the Ministry of Planning, Monitoring and Administrative Reform said on its Facebook page.

 Investments contributed by 36% to the growth rate in the second quarter of the 2017-2018 FY, the ministry said.

Minister of Planning, Monitoring and Administrative Reform Hala El Said has said Egypt's growth rate reached 5.3% and is expected to continue rising in view of growing investments, exports and production. 

She added that the inflation rate dropped to 17% after reaching its peak in July.

Thanks to increasing production, the inflation rate is expected to further decrease, Said said

Flourishing production has also contributed to downing unemployment rate to 11.3%, Said added.

The  Egyptian government plans to up foreign direct investments to $16 billion by the end of 2022.

The ministry's 2018-2022 plan focuses on small and micro enterprises because they are labor-intensive.

The ministry seeks to create 870,000 jobs by 2022.

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